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The Treasury is considering plans to raise money from a tax on the sale of homes worth more than £500,000, according to reports. Government officials are looking at a potential national property tax, which would replace stamp duty on owner-occupied homes, The Guardian reported. No final decision has been made, but it is thought this national tax could help build a model for local levies to replace council tax in the medium term. Buyers pay stamp duty under the existing framework, if they purchase property worth more than £125,000. The new levy would be paid by owner-occupiers on houses worth more than £500,000 when they sell their home, with the amount due determined by the value of the property and a rate set by the Government. Daily Record Homepage: https://www.dailyrecord.co.uk/ Daily Record Facebook: / thescottishdailyrecord Daily Record Instagram: / scottishdailyrecord Daily Record Sport Instagram: / dailyrecord_sport Daily Record TikTok: / scottishdailyrecord Daily Record Sport TikTok: / dailyrecord_sport Daily Record Twitter: / daily_record Daily Record Newsletters: https://www.dailyrecord.co.uk/newslet... Join our WhatsApp communities here and get the latest news sent straight to your messages: DAILY RECORD: https://www.dailyrecord.co.uk/news/sc... RECORD SPORT RANGERS: https://www.dailyrecord.co.uk/sport/f... RECORD SPORT CELTIC: https://www.dailyrecord.co.uk/sport/f... You can get all the latest news, sport, showbiz and comment at DailyRecord.co.uk LIKE | COMMENT | SUBSCRIBE | SHARE #DailyRecord #tax #propertytaxes #ukgovernment