Given this attitude to property ownership in Britain, any attempt to tax property in new or more burdensome ways is bound to be controversial.
Their argument runs that increases in the values of property in the last 30 years, particularly in London and the South East, have turned people into multimillionaires without any effort on their part whatsoever.
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In France, the wealth tax on property is imposed on properties worth more than €1.3m at a rate between 0.5 per cent and 1.5 per cent, depending on your total wealth.
However, the newly suggested property tax idea that the UK treasury are considering – a new tax on the sale of homes worth more than £500,000 – is deeply flawed. Unlike council tax, the revenues from which are predictable and can be used for planning budgets, a tax could vary considerably from year to year.
The government looked at changing property taxes during the coalition years between 2010 and 2015. There were proposals to introduce two extra bands of council tax, based on the initial 1991 property valuations.
Labour’s failure to pass their welfare bill earlier this summer, thereby not realising an estimated £5bn of savings, has certainly put more pressure on the chancellor Rachel Reeves.
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But, such a move will be the death knell of this Labour Government. It will have given up on being a party of any kind of aspiration. It will consign itself to the role of a left-wing pressure group, with no narrative about how to grow the economy, the very thing they have pledged to do.
The beneficiaries of such a development would be the Tories to a lesser degree and, most worryingly for Labour, the Reform Party and Labour’s number one bogeyman of our time, Nigel Farage.
It’s all very well pointing to France and the United States. My own belief, built on experience as an MP and government minister, is that the particular cultural context of Britain, however, makes any tinkering with property tax measures potentially lethal for a government in Westminster.
Kwasi Kwarteng is a former Conservative MP. He served as chancellor of the exchequer between September and October 2022 under Liz Truss
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