Treasury ‘looking at’ new property taxes to replace stamp duty

The reported new levy would be paid by owner-occupiers on houses worth more than £500,000 when they sell their home (Yui Mok/PA) - (PA)

The Treasury is considering plans to raise money from a tax on the sale of homes worth more than £500,000, according to reports.

Government officials are looking at a potential national property tax, which would replace stamp duty on owner-occupied homes, The Guardian reported.