UK Mulls Ditching Stamp Duty for New Home Tax, Guardian Says (1)

The Treasury is examining the possibility of replacing stamp duty and introducing a new tax on the sale of UK homes worth more than £500,000 ($676,000), according to the Guardian.

Officials have been asked to model the impact of a new “proportional” national property tax, which would replace stamp duty on many owner-occupied homes, the Guardian said, citing people it didn’t name. The value of the property would determine the tax paid.

The government is in part drawing on the findings of a report from the think tank Onward, according to the Guardian. That proposed an annual property tax ...