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Friday, 30 April 2010

Comments

Mark Wadsworth

"[LVT] implementation has to be coordinated internationally"

That's giving those in charge the ultimate cop out. The key to implementation is 'gradually', which can be done at any level, from parish council to county to United Kingdom.

But, as I've said before, to get the LVT ball rolling, let's use it to replace existing taxes on land, property and wealth generally on a fiscally neutral basis.

The taxes I'd replace on Day One are: Council Tax, Business Rates (the big ones) and Stamp Duty, Inheritance Tax, Capital Gains Tax, Insurance Premium Tax, TV licence fee, VAT on domestic fuel, s106 agreements, roof taxes (the little ones), which would equate to a tax of about 1% per annum on current capital values.

For good measure, I'd scrap the corresponding subsidies as well, i.e. VAT zero rating for new build, Housing Benefit for private landlords, Council Tax Benefit and discounts and agricultural land subsidies.

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