Reeves considers replacing stamp duty with new property tax

Exclusive: Treasury examines options including tax on homes sold for more than 500,000 as well as overhaul of council tax

The Treasury is considering a new tax on the sale of homes worth more than 500,000 as a step towards a radical overhaul of stamp duty and council tax, the Guardian has been told.

As the chancellor, Rachel Reeves, prepares the ground for tax rises in this autumn's budget, senior ministers have tasked officials to study how a new proportional" property tax could be implemented and model its impact before reporting back to ministers, who have been briefed on the proposals.