Rishi Sunak has faced growing calls to reform the tax system in his upcoming budget, as the Chancellor is reportedly looking to cover coronavirus-related expenses. The Faireer Share campaign argued that the introduction of a proportional property tax (PPT) could provide a solution to this problem.
The PPT would only be paid by landlords, not tenants, and would exempt nearly nine million people.
On top of that, homeowners would likely see a further reduction in property taxes, with the organization’s analysis showing that 76% of households (18 million) would pay less.
Full details of the campaign are available at https://fairershare.org.uk/ but the group currently enjoys the support of a range of Labor and Conservative MPs.
In addition, the campaign enjoys strong public support, with a petition calling for the TPP to have received more than 122,000 signatures so far.
The Chancellor also faces these pressures within his own party, as detailed in the following comments from Conservative MPs:
Kevin Holinrake, Conservative MP for Thirsk and Malton
“Replacing housing tax and stamp duty should be part of the roadmap for a fairer Britain. It is a fundamental principle of taxation that taxes should be simple, transparent and fair, but these taxes do not achieve any of these.
“The housing tax is based on property values that have expired for thirty years, taxes low-value homes at a much higher rate than high-value properties and pushes millions of households into debt. It is emblematic of a broken system which is no longer suitable for use.
Aaron Bell, Conservative MP for Newcastle-under-Lyme
“As we focus on economic growth and better reconstruction, we will need to show unequivocally that the Conservative Party has delivered on its promise to upgrade towns and cities previously left behind.
“With public finances strained like never before, I – and a growing number of Conservative MPs – believe the best way for the government to show voters this message has got through is to reform our outdated property taxes. We should start by revising the housing tax, which is not only based on property values that are thirty years old but also deeply unfair – placing the greatest burden on the young, the low-income and those who live in the less prosperous regions. from the country.”
John Stevenson, Conservative MP for Carlisle
“Our tax system has become, over the past 30 years, overly complicated and red tape. It needs a fundamental overhaul.
“I would encourage the chancellor to be a reforming chancellor and to look for ways to improve the tax system by simplifying it, but also by tackling areas of injustice. The proposals for reforming housing tax and stamp duty are welcome and which I would support. “
Simon Fell, Conservative MP for Barrow and Furness
“I have worked with colleagues to understand what the alternatives might be to jumpstart the economy when we start to bounce back from the pandemic. I am pushing for a shift to proportional property tax, removing housing tax and stamp duty in the process. “
Dehenna Davison, Conservative MP for Bishop Auckland
“At such an important time for our economy, there is now a real opportunity to find long-term solutions to deal with geographic inequalities. One of them is the current property tax system.
“Faireer Share’s proposals would reform the system to simplify property taxes, introducing a proportional property tax that would give a huge boost to lower-income households.”