From Wessex Regionalists a plea for land value taxes
..Talk of plugging loopholes suggests that the tax system requires nothing more than a little fine-tuning. In fact, it could do with a major overhaul. A Land Value Tax to deter speculation and prevent derelict land lying idle, for the first time integrating planning policy, land ownership policy and revenue-raising across the board. Or taxation of the increase in value of housing on re-sale (at 100%, allowing for inflation and improvements), to stabilise house prices and divert speculative funds into more productive activity. High taxation of empty and second homes, to finance the repurchase of privatised council houses, avoiding the need for new housebuilding. The current Inheritance Tax threshold lowered to capture the huge wealth built up in the London suburbs by families who have done nothing more active than enjoy rising house prices brought about by the over-heated economy of the capital. And is not David Cameron’s refusal, against the wishes of most other EU countries, to impose a financial transaction tax, which would ‘hurt’ his friends and
supporters in the mainly London-based financial sector, also ‘tax avoidance’ of a sort? Finally, we learned last week that, over the past two years, HMRC has written off £10 billion in unpaid tax. Is it really that difficult to extract or does HMRC just need a good shaking?
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