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Tory MPs in the North East warn business rates need urgent CUT

Tory MPs in the North East warn business rates need urgent CUT
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Redcar and clevelandUnited kingdomGreat grimsbyNorth east lincolnshireBishop aucklandDehenna davisonKevin hollinrakeLiverpool waltonChris walkerProperty research groupBradford westBlackpool south

Property levy to replace stamp duty and council tax shelved

Share It is being pushed by the Fairer Share campaign, which has been in discussions with Treasury officials about the plan since before Christmas. They said yesterday that if the proportional property tax were levied annually at 0.48 per cent of a home s current value it would raise the same amount across the country as council tax and stamp duty. This would reduce bills in most parts of the country, making households in England around £435 a year better off. In so-called Blue Wall seats - traditionally Labour constituencies in the north taken by the Tories in 2019 - it would save the average householder £660 a year.

United kingdomCity ofBishop aucklandKevin hollinrakeAndrew dixonProperty research groupFairer shareBlue wallBlackpool southஒன்றுபட்டது கிஂக்டம்நகரம் ஆஃப்பிஷப் ஆக்லாந்துஆண்ட்ரூ டிக்சன்ப்ராபர்டீ ஆராய்ச்சி குழுநீலம் சுவர்பிளாக்பூல் தெற்கு

Overhaul property tax to save 19 million households £435 per year, MPs urge Chancellor

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.

City ofUnited kingdomNewcastle under lymeKevin hollinrakeAaron bellJohn stevensonAndrew dixonProperty research groupFairer shareNorth eastநகரம் ஆஃப்ஒன்றுபட்டது கிஂக்டம்நியூகேஸில் கீழ் லைம்ஆரோன் மணிஜான் ஸ்டீவன்சன்ஆண்ட்ரூ டிக்சன்

Rishi Sunak under pressure to replace council tax and stamp duty with new property tax

It says it would bring in the same revenue as council tax and stamp duty combined. It acknowledged that basing the rate on current property prices - unlike the council tax bands that are based on 1991 valuations - would mean households in London having to pay more due to the extreme rises in house prices in the capital. However, it said that any increases could be limited if the property was being sold. The group also claimed 97 per cent of households in the 43 so-called red wall seats the Tories took from Labour at the last general election would benefit. Rishi Sunak could create one new property tax (Image: Getty)

City ofUnited kingdomKevin hollinrakePhil spencerProperty research group of tory mpsFairer sharePrivacy noticeProperty research groupநகரம் ஆஃப்ஒன்றுபட்டது கிஂக்டம்பில் ஸ்பென்சர்ப்ராபர்டீ ஆராய்ச்சி குழு ஆஃப் டோரி ம்பீஸ்ப்ரைவஸீ அறிவிப்புப்ராபர்டீ ஆராய்ச்சி குழு

Rishi Sunak news: Chancellor to scrap stamp duty holiday in WEEKS

| UPDATED: 16:04, Fri, Jan 15, 2021 Link copied Make the most of your money by signing up to our newsletter for FREE now SUBSCRIBE Invalid email When you subscribe we will use the information you provide to send you these newsletters. Sometimes they ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. The nine-month tax break on the first £500,000 value of home purchases was introduced by the Chancellor last July but is set to end at the end of March. The move triggered a major boom in the housing market at a time of struggle during the coronavirus pandemic but has so far cost taxpayers an eye-watering £3.3billion. Mr Sunak has come under mounting pressure to extend the tax relief beyond its initial nine-month period amid fears the housing market could suffer a disastrous crash.

United kingdomPhil spencerMartin lewisProperty research groupParty mpsStamp dutyConservative partyPrivacy noticeRishi sunak newsUk taxesUk stamp duty holidayUk housing marketUk covidUk economy latestஒன்றுபட்டது கிஂக்டம்பில் ஸ்பென்சர்