Brits pay highest property taxes in the world

According to new research, Britons pay the highest proportion of property tax in the world, with £1 in every £8 which is paid to the taxman, levied on people's homes and business premises.

This figure includes stamp duty, inheritance tax, council tax and business rates, and has risen from £1 in every £12 in 1990.

Figures show that the government brought in almost £65 billion in property taxes in 2012, an increase of £6 billion in just three years.

As a proportion of the total tax received, UK property tax is higher than any other country analysed by The Organisation for Economic Co-Operation and Development (OECD).

The OECD looked at 34 mostly rich nations, from Japan to the United States of America and discovered that on average £1 in every £18 of tax paid was on property. In Austria the figure was just £1 in every £77, while in Australia and France it was £1 in £12.

Jonathan Isaby, chief executive of the TaxPayers' Alliance said "From business rates to council tax, the Treasury uses punitively high taxes on bricks and mortar to fill the holes in the coffers. The Chancellor took some promising steps in the right direction with his reform of stamp duty, but there remains much more to do on that, and other taxes, before British taxpayers get a fair deal."

If you are buying or selling, contact our London property solicitors today. You can speak to us on 020 8297 4414, or email enquiries@mandypeterssolicitors.co.uk and we will get back to you at the first opportunity.

Mandy Peters

London Property Solicitors