I wonder what they would replace the abolished tax bands with. In America, long time house owners are driven to sell their properties (and have nowhere they can then afford to own) by taxes tied to FM value—whether the property are voluntarily sold or not. 1/2
It often seemed to me the only fair tax is based on the FM value of the house at the time of sale/transfer (not the sale price, mind). Then the buyer would know what they’re locked into and it is part of the buying or retaining decision, in the case of inheritance. 2/2
Comments
https://taxpolicy.org.uk/2024/10/18/how-to-reform-property-tax/