Overhaul property tax to save 19 million households £435 per year, MPs urge Chancellor
Proposals for a proportional property tax would lower bills for some – but hike annual costs for others
Conservative MPs have urged the Chancellor to overhaul property taxation by scrapping stamp duty and council tax to slash bills for 19 million English households.
Under plans drawn up by campaign group Fairer Share, stamp duty for primary residences would be abolished and homeowners would no longer pay council tax. Instead, they would pay an annual proportional property tax equivalent to 0.48pc of the value of their home.
Analysis by WPI Strategy consultants found that under the plans, 76pc of English households would be better off, making average savings of £435 per year.