Overview

• The options being modelled would shift from the current transaction tax to a national property levy above about £500,000, with designs under review that include a seller‑paid charge at sale or an annual bill.
• Treasury discussions include removing the main‑residence capital gains exemption above roughly £1.5 million, with illustrative rates reported at 24% for higher‑rate and 18% for basic‑rate taxpayers.
• A Treasury spokesperson said the focus remains on growing the economy and keeping taxes on working people as low as possible, stressing that no final decisions have been taken.
• Exclusive analysis cited by regional media suggests only around one in five sales in the past year exceeded £500,000, pointing to a heavier impact in London and the South East than in the North and Midlands.
• Reporting indicates stamp duty on second homes would be left unchanged under the ideas floated, and officials are examining a local variant that could eventually replace or reform council tax.