The impact of a proportional property tax in London
Article
Moving from our current system of council tax and stamp duty to a proportional property tax would help to address this, ensuring that our existing housing stock was shared more fairly, freeing up underoccupied housing stock for others to use, and helping to rebalance house prices across the country.
In the parts of the country where house prices are lower, this would cut property tax bills for the majority. In the parts of the country where house prices are higher – in particular London – this would help to tackle the crisis of affordability and make homeownership more accessible. But implementing a proportional property tax in London also has some particular challenges.
In this briefing, we look in detail at the specific issue of the impact of a proportional property tax on asset-rich, cash-poor households in London, using the recent Fairer Share proposals for the implementation of a proportional property tax as a case study.
Related items
Supporting the status quo: How the taxation of wealth in the UK grows regional divides
The new government’s primary mission is to deliver economic growth, rooted in an ambition for prosperity and opportunity to be accessible across the UK.Driving 'natural' renewal: The progressive case for restoring the natural environment
Our natural environment is in crisis, and nature in this country is currently in a state of managed decline.Plugged in: Accelerating the electrification of road transport
The new government has been elected with a mandate to deliver ambitious climate action.