Prime Minister confirms no overhaul of property tax at Autumn Budget
Prime Minister Andy Burnham has ruled out any changes to stamp duty in the upcoming autumn Budget, drawing a line under weeks of speculation that had followed his entry into Downing Street on 20 July.
Asked directly whether the government intended to alter or abolish the tax, Burnham was unequivocal. "Yes, I can say that quite clearly. That won't be happening," he told reporters.
Stamp duty land tax generated £16.6 billion for the Treasury in the last financial year. Critics have long argued the levy discourages labour mobility and prevents older homeowners from downsizing, resulting in inefficient use of the housing stock. Prior to taking office, Burnham had voiced support for replacing stamp duty and council tax with a land value tax.
The Prime Minister acknowledged broader fiscal pressures facing the country. "It's just not the case that we are bringing forward plans on that scale at this moment in time," he said. "What we're trying to do though is to make taxation fairer."
Prime Minister Andy Burnham has ruled out scrapping stamp duty at this year's budgethttps://t.co/PAiZ4D1jU3
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Burnham has previously signalled that some tax increases may be necessary given spending demands from an ageing population, defence rebuilding, and wider investment priorities. The Labour Party's 2024 manifesto committed to no increases in income tax, national insurance, or VAT — levies that together account for close to two-thirds of total tax receipts.
Council tax also remains in focus. Burnham has criticised the system for creating regional inequalities, telling the BBC: "There are people here in Greater Manchester who pay a much higher council tax than people living in much larger homes in London."
However, changes to the existing framework are already in train: a high-value council tax surcharge introduced under former chancellor Rachel Reeves will take effect in 2028, targeting properties valued above £2 million.
The new Chancellor, John Healey, has yet to announce any tax or spending measures ahead of the autumn budget, whose date has not been confirmed.
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