Property taxes accounted for 11.8% of the UK’s overall tax take in 2021, down from 12.4% a year earlier, according to Altus Group.

This means that about £1 in every £8.50 collected by the government last year came from property taxes, which includes council tax, business rates, stamp duty land tax and, in Scotland, land and buildings transaction tax.

Overall, the taxman in the UK took £81.4bn from property taxes in 2021, compared to £90.3bn the previous financial year.

Only a handful of countries, including South Korea, Canada, and the US, currently get a larger proportion of their funds from property taxes than the UK.

Last year, Korea relied most on property taxes of the Organisation for Economic Co-operation and Development (OECD) countries. It got 14.2% of its tax take from property taxes, followed by Canada, at 12.1%, and the US at 11.9%, Altus said.