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UK Chancellor’s Property Tax Overhaul Sparks Outcry

Politics 1 day ago

UK Chancellor Rachel Reeves is confronting intense criticism following reports of a proposed radical shake-up of the property tax system. The plans, which would replace the current stamp duty paid by buyers with a new ’proportional property tax’ levied on sellers of homes valued over £500,000, have been branded a ’wealth tax in all but name’ by experts and commentators. The Treasury is examining reforms to boost economic growth and address an estimated £50 billion black hole in the public finances, though officials deny working on this specific proposal.

Television presenter Kirstie Allsopp led the furious backlash, warning the Chancellor not to ’fly kites’ about such destabilizing ideas that affect people’s homes, mortgages, and overall wellbeing. She accused the government of seeking to ’punish people’ for the sacrifices made to achieve homeownership. The reported system could also see council tax eventually replaced by a local property tax paid annually by owners based on their home’s value, a idea Reeves herself has previously supported.

Opposition Conservatives were quick to condemn the reports. Shadow Chancellor Mel Stride stated the move would ’punish families for aspiring to own their own home,’ while leader Kemi Badenoch claimed Reeves is ’inventing new taxes’ to pay for Labour’s economic failures. The controversy erupts as the Chancellor prepares her upcoming Budget, with property experts warning that such changes could erode buyer confidence and prove disastrous for the market.

UK Chancellor’s Property Tax Overhaul Sparks Outcry


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