Tax on home sales over £500k

Property levy would replace stamp duty

- BY ALEXANDER BROWN Assistant Political Editor

THE Treasury is reportedly considering a tax on the sale of homes worth more than £500,000.

Government officials are said to be looking at a potential national property tax, replacing stamp duty on owner-occupied homes. No final decision has been made, but it is thought this could help build a model for local levies to replace council tax in the medium term.