Could Andy Burnham scrap stamp duty?

Could Andy Burnham scrap stamp duty?Image source, PA MediaImage caption, Andy Burnham is set to become prime minister later this monthPublished3 minutes agoSince Andy Burnham emerged as prime minister-in-waiting, there have been few clear details as to what we could expect to see from a government led by the MP for Makerfield.The former mayor of Greater Manchester has promised to stick to Labour's 2024 manifesto pledges not to raise income tax, VAT and national insurance but has suggested there could be "some movement" with possible increases to business rates on warehouses to fund tax cuts for pubs and some high-street businesses.And when he launched his campaign to return to Parliament in May, Burnham indicated he wanted to change how property and land is taxed.One of the measures Burnham has advocated in the past is scrapping stamp duty and replacing it with a land value tax (LVT) - an annual levy based solely on the value of the land itself, excluding any buildings or improvements on the property.Another proposal he has reportedly backed is a proportional property tax - an annual tax based on a percentage of the property's value.It's not clear that just because he's endorsed property tax reform that he'll definitely implement changes in government, but we've asked some experts for their view. Land value tax vs stamp dutyStamp duty is a tax paid by home buyers on properties or land worth over £125,000, or £300,000 for first time buyers, in England and Northern Ireland.The Institute for Fiscal Studies, an independent think tank, has described it as "one of the most economically damaging taxes", while Kemi Badenoch said last year a Conservative government would abolish the levy on main homes.Burnham too has been critical of the tax, instead favouring an LVT."The LVT, an annual tax on the market rental value of the land, would allow for the abolition of stamp duty - a tax on the aspirations of young people to pu...