Burnham warned by former PM not to raise property taxes
Prime Minister Andy Burnham has been warned by a former PM not to increase property taxes in next month’s Budget.
Gordon Brown told Burnham and new Chancellor John Healey that property is “taxed quite heavily” already, and suggested Stamp Duty may need reform.
Existing taxes
“The funny thing is that property is taxed quite heavily in Britain as part of a wealth tax. So I think you’ve got to look at a reform of existing taxes,” Brown told The Rest Is Money podcast, the Daily Telegraph reports.
“If you’re taxed on property only because it’s the Council Tax, or when you transfer your property, which is the Stamp Duty, then people may say, well, you know, is that the best way of taxing wealth? And I think that’s what the Government should look at,” he said.
Ruled out
Burnham is said to have been a fan of a scheme launched by Fairer Share, the national campaign to replace Council Tax and Stamp Duty with a Proportional Property Tax.
Under the scheme, it would see homeowners pay an annual levy of 0.48% of a home’s value. It would equate to £1,440 a year on a £300,000 home.
But he has ruled out changes to Stamp Duty in the Budget on 28 October.
The Mansion Tax is a prime target in the upcoming Budget, Knight Frank has warned. The agency suggested that the current Mansion Tax may prove to only be “introductory rates”.
The post Burnham warned by former PM not to raise property taxes appeared first on The Negotiator.
Author: Gemma
Discover more from Sovereign Prime Property
Subscribe to get the latest posts sent to your email.