Britain has the highest burden of property taxes in the world, new research has revealed, as the Chancellor looks at ways to raise even more revenue to repair the public finances.
I’ve been making the point for well over a decade.
The Organisation for Economic Co-operation and Development (OECD) found that tax receipts generated from property climbed to £91bn in 2019, up from £88bn the previous year. Property tax receipts were worth 4.1pc of GDP, ranking top for a second straight year and just ahead of France, a typically high-taxing country.
The Government raises 12pc of its revenue from taxes hitting homeowners and business premises, such as stamp duty, business rates and council tax, the OECD revealed. That is around double the levels of property taxation seen in the average OECD country – a group of 37 developed nations.
This also isn’t even new research, they’ve been publishing the same set of stats – adjusted per year, obviously – ever since I can remember.