Stamp duty receipts lifted 10.3% to £6.4bn between April and July in contrast to a 12 months in the past, the most recent HMRC information reveals.
These figures, which don’t embody Scotland and Wales, come after the levy’s decrease thresholds, on 1 April, have been reset again to September 2022 ranges, earlier than the Liz Truss mini- Budget.
Senior ministers, who’ve been briefed on the proposals, have requested officers to look at how a new “proportional” property tax might be applied and mannequin its influence.
It stated that officers will begin by analyzing a possible nationwide property tax, which might look to substitute stamp duty on owner-occupied houses.
In addition, they are going to take a look at whether or not an area property tax might then substitute council tax within the medium time period, with the intention of serving to native authority funds.
