Property tax The latest attempt to squeeze out more revenue

The latest attempt to squeeze out more revenue

- Kiran Stacey

Rachel Reeves is in favour of radical tax reform - or at least she was in 2018. "We need a radical overhaul of the tax system because our current system of wealth taxation isn't working," she argued in her pamphlet The Everyday Economy.

Seven years later, Reeves appears to be returning to some of its themes, especially as it relates to the UK's convoluted and unpopular system of taxing property.

The Guardian revealed on Monday the chancellor was considering scrapping stamp duty and replacing it with an annual levy based on the value of someone's home and when they bought it.

On Tuesday, the Times reported that Reeves was also considering imposing capital gains tax on higher-value primary properties, even though Keir Starmer ruled out doing so before the election.