Andy Burnham has definitively rejected the idea of eliminating stamp duty in his initial Budget. The Prime Minister firmly denied rumors suggesting the replacement of council tax and stamp duty with a property or land value-based tax, which experts cautioned could lead to a housing market slowdown. When asked if he could assure potential homebuyers that such a change was not under consideration, Mr. Burnham stated, “Yes, I can confirm that unequivocally. That is not on the table.” He questioned the origin of the speculation, emphasizing that there were no immediate plans for such extensive reforms. Mr. Burnham highlighted his focus on fairer taxation, citing the upcoming removal of VAT from electricity bills as an example. While discussions around a potential Proportional Property Tax (PPT) to replace existing taxes have surfaced, Mr. Burnham has expressed a commitment to exploring ways to enhance the fairness of the council tax system. He acknowledged discrepancies in council tax payments across different regions and emphasized the need to align any proposed changes with the Labour Party’s manifesto. In a recent announcement, Mr. Burnham disclosed the forthcoming removal of VAT on electricity bills, aiming to alleviate financial burdens on households. This move is anticipated to reduce the average bill by £45.
