Proposal for a proportional property tax to replace council tax

That this House supports the Government's proposals to rebalance the economy and promote the levelling up agenda; recognises the urgent need to reform the outdated system of council tax which is almost 30 years old and bears no resemblance to the current disparities of house prices; believes that council tax is an effective wealth tax for people living in modest homes placing the heaviest tax burden on young people, low-earners, and those living in less prosperous regions; supports the Fairer Share campaign to replace council tax and stamp duty with a progressive proportional property tax; notes that that campaign's proposed policy would be revenue neutral while lowering property taxes for 19 million households; welcomes that proposed policy's option of a deferral mechanism for a small minority of households who are asset rich but cash poor, allowing the tax to be paid upon a change of ownership; and calls on the Government to acknowledge the need for reform and to begin the preparations for a transition from council tax to a fair and progressive proportional property tax.