A think-tank has argued council tax and stamp duty should be scrapped and replaced with an Annual Proportional Property Tax(APPT). In a new report, Bright Blue said the current property taxation system in England is 'distortive and regressive'. It concluded that APPT would be the best replacement on both economic and political grounds. Under the proposals, local authorities would be given the freedom to impose separate APPT tax rates from central Government to fund public services. The report recommended a 25% surcharge for second home owners and a Development Levy set at 20% for the market price of new developments.
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