UK’s outdated property taxes favour the wealthy, says OECD

The OECD said countries that sought to spur economic growth by cutting taxes on property transactions were propping up sky-high prices and favouring already wealthy sections of society. Photograph: Yui Mok/PA

Britain’s property taxes are outdated and favour a wealthy elite, according to a comparison with other countries carried out by the Organisation of Economic Cooperation and Development (OECD).

The report found that surging property prices across the OECD’s 38 member states were a cause for concern and should be restricted by more punishing property taxes.