PROPERTY TAX CHANGES

Over 118,000 sellers last year would have had to pay new tax on house sales over £500k being considered

- By DAVID DUBAS-FISHER

ONLY one in five homes in England and Wales over the last 12 months would fall foul of a change in property tax being considered by Rachel Reeves.

The Chancellor is said to be considering revolutionary changes to how property sales and purchases are taxed.

Under the proposals, the existing stamp duty system would be scrapped, meaning buyers would no longer have to pay a duty when buying a home.

Instead, a new tax on the sale of homes for more than £500,000 would be paid by the sellers.