The UK has the highest residential and commercial property taxes in the developed world, a report has revealed.
An analysis by the Organisation for Economic Co-operation and Development (OECD) shows that property taxes accounted for 12.7 per cent (£74.2 billion) of the total tax burden in 2014.
This represents a 0.3 per cent increase compared with 2013, and a whole percentage point more than in 2011.
As a share of total taxation, it means that the UK levies more on property than anywhere else in the developed world.
The figures, published in the Daily Telegraph, include purchase tax in the form of Stamp Duty Land Tax (SDLT), as well as commercial property taxation such as business rates, insurance tax and capital gains.
Revenue from SDLT alone jumped to 2.4 per cent of the UK’s total tax take in 2014, from 1.62 per cent in 2011.
Regionally, London paid a staggering £15.1 billion in property taxes, a fifth of the total figure collected in 2014.
Just four other countries apart from the UK possess a share of more than 10 per cent of total tax revenue: Australia, Canada, South Korea, and the US.
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