From listening to the radio, their basic point is that stamp duty is not a reliable tax, in that the take can vary wildly depending on the economic cycle. A property tax would be a more steady stream of income for the state.
A couple of points on a property tax
a - introducing it would be an act of political suicide
b - anybody who has handed over a large whack of stamp duty in the last five years would be rather ill at the idea of paying a property tax on top of probably 10% of their monthly mortgage payment, which covers the stamp duty they paid
c - if it was brought in exemptions for lower income families/pensioners would be required
d - the idea of a more reliable stream of income makes sense
The idea of a property tax goes against the grain for this government. Most of the new/amended taxes in the last ten years have been taxes on consumption/transactions. A tax on property, which would be deeply unpopular, is neither a tax on consumption or transactions. It has nothing to do with income or profits. There are too many scenarios where it would become an unfair and inequitable tax.
Past30