Has the Budget improved property taxes?

Abstract

The Budget introduced a new property tax in the form of higher Council taxes for houses that are valued over £2 million. Even though this seems like a good start in addressing the regressive nature of the UK’s property taxes, Paul Cheshire argues that ultimately this move does not address the fact that Council tax is stuck in 1991, and might make house affordability worse, while damaging the labour market of prosperous areas.