Chancellor mulls replacing stamp duty with new property tax

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleChancellor Rachel Reeves has proposed a property tax on homes valued over £500,000, which is being criticised as a "tax on ordinary Londoners". The plan would replace existing stamp duty for first homes, introducing a tax on sale for properties above £500,000 and an annual levy for buyers of such homes. Estate agent Simon Gerrard warned the change would hinder families buying in London, where average property prices are higher, and could distort the housing market. Critics suggest the levy, aimed at wealth from rising house prices, might cause sellers to increase asking prices to offset the new tax burden. The proposals, informed by a think tank report, are under consideration, with no final decisions made by the Treasury. In fullReeves’ new homes levy slammed as a ‘tax on ordinary Londoners’ that will hit families hardestThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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