Britain needs tougher property taxes, OECD reports

Britain’s property taxes are outdated and favour a wealthy elite, the OECD has said, calling for a more punishing regime. According to a comparison with other countries carried out by the Organisation of Economic Cooperation and Development, surging property prices across the OECD’s 38 member states were a cause for concern and should be restricted by more punishing property taxes. In a series of recommendations that will make difficult reading for supporters of low property taxes, the Paris-based organisation said governments could cut taxes on workers’ incomes by raising charges on property wealth. Laying out a six-point plan for property tax reform, the OECD said countries that sought to spur economic growth by cutting taxes on property transactions were propping up sky-high prices and favouring already wealthy sections of society. The Guardian