Replace stamp duty with annual tax
STAMP Duty should be abolished and replaced with an annual tax on the value of the property, according to the Organisation for Economic Co-operation and Development.
Its report criticises Stamp Duty, which it says discourages mobility among home owners by raising the cost of moving.
The OECD also points out that an annual property tax would, over the years, raise more than Stamp Duty. It wants the new tax to go partly to local councils and partly to the Treasury.
But the proposal has a host of critics who say the ongoing levy would have an adverse effect on house prices.
They also say that it would add to the burden of taxation felt most deeply by the middle classes.