The UK Treasury is studying a sweeping overhaul of property taxation as Chancellor Rachel Reeves prepares her first autumn budget. According to reports first published by the Guardian and followed by several national outlets, officials are modelling a national property tax that would replace stamp duty on owner-occupied homes sold for more than £500,000. The levy, paid by sellers, would initially hit about one-fifth of transactions—far fewer than the roughly 60 percent currently subject to stamp duty—while aiming to provide a steadier revenue stream than the £11.6 billion stamp duty generated last year. In parallel, Reeves is examining whether to scrap the longstanding capital-gains tax exemption on main residences above a yet-to-be-fixed threshold, with £1.5 million under discussion. Ending the relief could leave higher-rate taxpayers facing a 24 percent charge on gains, potentially affecting some 120,000 homeowners, according to estimates cited by The Times. The mooted measures are intended to help close a projected £40–£50 billion hole in the public finances while honouring Labour’s pledge not to raise income tax, national insurance or VAT. Treasury officials emphasise that no decisions have been made and that wider reform of council tax may follow in a later phase. Economists say shifting the tax burden from buyers to wealthier owners could make the system fairer and improve labour mobility, but industry groups warn the plans risk deterring sales, depressing high-end prices and distorting behaviour around any thresholds. The final shape of the reforms is expected to be set out in the Autumn Budget.