Editor's note: This brief was summarised by The Property AI Newsroom from a report by The Negotiator. Read the original article for full details.

Property Tax Reform Petition Reaches 100,000 Signatures

A petition calling for a major overhaul of property taxes in the UK has reached 100,000 signatures. The petition, launched by the campaign group Fairer Share, proposes replacing Council Tax and Stamp Duty with a Proportional Property Tax.

Fairer Share's proposal would see homeowners pay an annual levy of 0.48% of their property's value. According to the campaign, this would amount to £1,440 per year for a home valued at £300,000. The group claims that 77% of households would benefit from the change, and that any increases for those paying more would be capped until the property is sold.

The petition's milestone means that MPs are now expected to consider what Fairer Share describes as the biggest overhaul of Britain's property taxes in a generation. The campaign states that the current system is outdated and that reform is widely supported by the public.

It is reported that Andy Burnham, the new Prime Minister, is a supporter of the Proportional Property Tax system. However, experts cited in the report suggest that implementing such a change could take three to five years.

Marc von Grundherr, Director of Benham and Reeves, commented that Stamp Duty is an outdated and fundamentally unfair tax, particularly affecting buyers in higher-value markets such as London.

The petition and the debate around property tax reform are of particular interest to UK letting agents and inventory clerks, as changes to the tax system could impact property transactions, landlord costs, and the wider housing market.