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Think tank advocates £421 billion plan to tax rising house prices to pay for the COVID-19 crisis

News Team, 24/07/2020

Tens of billions of pounds of new taxes should be levied on increases in the value of homes to ensure the costs of the coronavirus crisis do not fall unfairly on younger people, a think-tank report has said.

The report from the Social Market Foundation warns that without radical action to raise significant extra tax, Britain faces an unsustainable national debt and stagnant growth that will blight the lives of future generations.

To help avert that, the Treasury should raise £421 billion over the next 25 years by imposing a new “Property Capital Gains Tax” on all homes sold in the UK, the report said. The tax could...


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