The UK Treasury is examining a national property tax that would replace stamp duty on owner-occupied homes sold for more than £500,000, according to officials cited by the Guardian. The measure is part of a wider review of property levies, including a possible longer-term overhaul of council tax, as the government looks for more dependable sources of revenue without breaching its pledge not to raise the main rates of income tax, National Insurance or VAT. Separately, Chancellor Rachel Reeves is considering ending the capital-gains tax exemption on the sale of primary residences above roughly £1.5 million. Scrapping the relief—dubbed a "mansion tax" by critics—would subject gains on high-value homes to rates of 18 % for basic-rate and 24 % for higher-rate taxpayers. Together, the two property-related proposals are being weighed ahead of the Autumn Budget as ministers seek to close an estimated £40-£50 billion hole in the public finances. New figures from the Office for National Statistics show public-sector net borrowing fell to £1.1 billion in July, the lowest July deficit in three years and below market expectations of about £2 billion. Nevertheless, borrowing in the first four months of the fiscal year reached £60 billion, £6.7 billion more than the same period in 2024 and broadly in line with Office for Budget Responsibility forecasts. Economists said the slimmer July deficit offers limited respite. With debt-interest costs rising and growth projections likely to be downgraded, analysts at KPMG and other firms estimate Reeves may still need to raise more than £20 billion—or make equivalent spending cuts—to meet her fiscal rule of balancing day-to-day spending with tax receipts by 2029-30. Property tax reform now sits near the top of the list of potential revenue-raisers.