According to reports, the UK Treasury is considering imposing a new tax on real estate transactions worth more than £500,000. Senior ministers have asked officials to study how to implement a new “proportional” real estate tax. Sources say the first plan the officials are studying is a national real estate tax to replace stamp duty on self-occupied housing. They are also discussing whether it is possible to replace municipal taxes with local real estate taxes after the national real estate tax in the future to fix the increasingly tight financial situation of local governments. Nationwide property tax will be paid by landlords when selling their own homes over £500,000. The amount of tax is determined by the value of the property, the tax rate is set by the central government, and collected directly by the UK Revenue and Customs. The new tax will only affect about one-fifth of real estate transactions, while the current stamp duty applies to about 60% of transactions and is paid by the buyer. According to Nationwide, the average house price in the UK in July was £272,664.

According to reports, the UK Treasury is considering imposing a new tax on real estate transactions worth more than £500,000. Senior ministers have asked officials to study how to implement a new “proportional” real estate tax. Sources say the first plan the officials are studying is a national real estate tax to replace stamp duty on self-occupied housing. They are also discussing whether it is possible to replace municipal taxes with local real estate taxes after the national real estate tax in the future to fix the increasingly tight financial situation of local governments. Nationwide property tax will be paid by landlords when selling their own homes over £500,000. The amount of tax is determined by the value of the property, the tax rate is set by the central government, and collected directly by the UK Revenue and Customs. The new tax will only affect about one-fifth of real estate transactions, while the current stamp duty applies to about 60% of transactions and is paid by the buyer. According to Nationwide, the average house price in the UK in July was £272,664.