How would potential new property tax differ from stamp duty and council tax system?

The potential new tax to replace stamp duty would be paid by homeowners upon the sale of their property and determined by its value. Photograph: Roger Bamber/Alamy

The government is considering a new national property tax as the first step towards a radical shake-up of stamp duty and council tax.

The discussions taking place at the Treasury – revealed by the Guardian on Monday – have already prompted much debate and, perhaps inevitably, led to an outcry in some quarters. Here we consider how the current system works and how it could change.