Not Another Bloody Tax?

Not another bloody tax? It could be payable by the landowner, not the occupant, and there can be no reductions or rebates. So it has the benefit of simplicity if nothing else. 2. What’s the purpose? Land worth bubbles and the related credit score bubble have enormous financial prices and, and have led on to the current ‘credit crunch’, a probable home price crash and fears of a severe recession.

3. Why ought to I pay tax on something I’ve already paid for? Ultimately, we’re all tenants. Either you pay rent every month or you make a big up front fee to the previous freeholder. So LVT is much less of a tax, and more of a consumer-charge, one thing of which the Tories are supposed to be in favour. 5. Asset-rich, revenue-poor individuals would be pressured out of their houses. What about ‘ability to pay’?

This is just code for ‘pensioners’, who admittedly make up a key part of the Tory vote. Pensioners could be allowed to defer LVT to be repaid by their heirs. Which is why Inheritance Tax and Stamp Duty Land Tax needs to be scrapped as a quid pro quo. The Tories on the whole are opposed to paying welfare to asset-poor, earnings-poor people, why exactly is there a particular case for tax-breaks or subsidies or welfare for the asset-rich, earnings-poor?

Not true. LVT ignores the worth of buildings and enhancements, so houses don’t need to be valued individually. 7. Farmers would be compelled to sell off their land and the South-East would be concreted over. Nonsense. Agricultural subsidies for land owners set an artificially excessive floor for agricultural rents of about £75 per acre (if the landowner can’t charge that much in rent, he is best off leaving it fallow and collecting the subsidies). Once this welfare-for-the-wealthy is scrapped, agricultural rental values would possibly fall by half, to say £40 an acre per yr.

Regardless that over 80% of the UK by surface space is farmland, or 50 million acres, the entire rental worth is barely £2 billion a year. It’s barely worth making an attempt to collect tax on such a small amount, so farmland would be exempt. This is straight out of David Cameron’s ebook of Economic Illiteracy.

9. LVT is tantamount to nationalisation of land. Residential land values have elevated 5- or ten-fold for the reason that early 1990s, even after adjusting for the increase in wages. And market forces will in all probability take away a big a part of these positive aspects once more over the following few years (land values fell by two-thirds within the early 1990s! See previous link). Would it not not be better to maintain land costs low and stable in future? 10. The cost of native services ought to be paid for by consumer fees, i.e. a Poll Tax. Wrong. It is more important to have a look at the worth of what the house-proprietor gets (as reflected in land values) than the price of local providers.

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Having extra policeman on the beat reduces crime, cuts a family’s residence and car insurance payments and makes an space more enticing, thus boosting promoting prices. Having armies of 5-a-day advisors and environmental-awareness-officers costs simply as a lot but provides no value in anyway. This imposes a fiscal discipline on native councils. If they want to gather more cash, than can only do this by concentrating spending on helpful, worth-added actions, which enhance land values and therefore tax receipts. The rest is all my very own work.

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