Rachel Reeves has ordered Treasury officials to examine reforms to the UK’s system of property taxation as she seeks ways to raise cash and boost the economy, according to people familiar with the discussions.
Officials are looking at a host of possible ideas for improving and simplifying the country’s tax system, including by overhauling levies on housing, as the chancellor seeks to lift lacklustre GDP growth and address a looming gap in the public finances that could exceed ￡20bn.
The current stamp duty system is widely criticised by economists because it is charged on transactions, acting as a disincentive to people moving and sapping growth.
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