LAND SEMINAR MPs urged to lobby OBR & Treasury to calculate & publish dead weight losses i.e. huge cost of bad taxes
LAND SEMINAR - the presentations
Chaired by Debbie Abrahams MP, Shadow Work and Pensions Secretary, MP for Oldham East and Saddleworth
TAP co-hosted with thr APPG on Poverty and the APPG on health in all policies on the 18th October 2017
Lindsay Judge - Resolution Foundation - Housing across generations
Fred Harrison - Land research Trust - LAND and dead weight losses
Ian Kirkwood - Scottish Land Revenue Group - The making of a new Scottish Enlightenment
Michael Edwards - Bartlett School of Planning, UCL - Some cautionary notes
Anna Minton - Writer, Journalist and Reader in Architecture at UEL - "BIG CAPITAL. Who is London for?"
DEAD WEIGHT LOSSES AND A SUMMARY OF THE MERITS OF LAND VALUE TAX
Fred Harrison, of the Land Research Trust, is also a director of Taxpayers Against Poverty. He has written three of the blogs on Affordable Housing in the series of ten we published late last year. As an economist he has done extensive and valuable work on dead weight losses. We believe dead weight losses are something of which the public ought to be aware and the Treasury ought to publish - they are the huge cost of bad taxes.
In addition to the failure of the Treasury to measure or publish the dead weight losses of the present system of taxation we are emphasising, by all means available, the following points supporting land value tax.
- Land Value Tax is a secure progressive source of revenue.
- A small percentage tax on the value of all land could gradually replace inefficient and regressive taxes like council tax, business rates and stamp duty.
- It is paid by the landlord not the tenant. It relieves low income tenants of the council tax and its draconian enforcement.
- Exemptions can be arranged for high asset low income households.
- It has been found to bring empty homes and unused land into use in Harrisburg Pennsylvania and other US cities. It works in Denmark, Australia and Hong Kong,
- It would encourage the four big UK builders to release their bank of 600,000 plots of unused land.
- Land cannot be transferred tax free via the internet to an overseas bank; so taxing it in the UK might even recover a little of the trillions shipped out to tax havens by the City of London.
- It enables land owners to contribute to the common good from the unearned increase in the value of their land due to the market so relieving the landless tenants and themselves of the need for high income taxes.
An LVT Colloquium at the Royal Institute of Chartered Surveyors in September 2015 concluded that. "... the technical issues often quoted as providing reasons not to switch to assessing land rather than property, namely valuation methodology and data, are capable of solution within the UK context"
Rev Paul Nicolson, Taxpayers Against Poverty, 18 October 2017
This cartoon was originally published in 2001 by The Tablet, The international Catholic Weekly, with an article of mine about the Housing Crisis
Rev Paul Nicolson
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