Proportional property tax

That this House notes the UK cost of living crisis hitting family budgets; expresses concerns that people are unable to meet the cost of housing, food and utilities; believes the public cannot sustain further tax increases and recognises the need for fairer not higher taxes; notes that Council Tax disproportionally penalises deprived communities that have lower wages and property values; calls on the Government to replace Council Tax and Stamp Duty with a Proportional Property Tax securing an average annual saving of £556 as well as lowering taxes for 77 per cent of households; notes the policy supports the current levelling up agenda, benefitting the poorest communities most; further notes that in addition to assisting with the cost of living, a Proportional Property Tax would deliver an economic stimulus through increasing incomes in areas experiencing the fastest high street decline; recognises that in areas with an overheated property market, people on low incomes can live in high value properties and therefore welcomes transitional protections to cap any tax increases at £100 a month as well as offering options to defer payment; finally notes that a Proportional Property Tax will help to close regional economic inequalities and would represent the most substantive policy to date in delivering the Government’s levelling up agenda.