To be scared of Labours Land tax

[Dragongirl10]

Just read about this, Labour are proposing a Land Value Tax on any land owned, could cost thousands a year for anyone even with a small house, not just the rich....they have not publicised this at all.

People with modest homes could be forced to sell or go into debt, or be repossessed...

No, it's not a simmer for tenants, because the landlords will put the rent up. That can't absorb it.

It won't affect flats that much I suppose, so that's something.

so would people in social housing not have to pay this Land Tax? or any Council Tax?

ARRRRGGGGHHHHHHHHHHHHHHHHHHH

Chardonnays, please can you demonstrate how a change to LVT will be higher than CT.

Is it really Alice - I have no idea. If so its very interesting that they are debunking the drama and hysteria over an idea being attributed to Labour (and pointing out it isn't in the Labour Manifesto, and has been suggested by several separate think tanks with widely varying political leanings)

Some people with acres of grounds are farmers. Will that be fair? Won't it affect food prices?

Even people in small terraces properties will be affected badly if they live in London or, I don't know, Brighton and so on.

i suppose they could bring in the poll tax instead

Why is it fair? I wish we'd stayed in our London terrace worth loads more than our house now with 2 acres. It's not fair.

For those of you who are genuinely interested, googling "land value tax UK" will give you lots of info on how it could be implemented.

It might not be higher everywhere, but it will be higher where most people live, because it will be based on the current value of land and council tax now isn't.

It's really simple if you look at it with unbiased eyes.

and pointing out it isn't in the Labour Manifesto

TBF - they said

We will initiate a review into reforming council tax and business
rates and consider new options such as a land value tax, to ensure
local government has sustainable funding for the long term

Local Government, social care etc all needs to be funded. Somehow.

I'm not a labour voter - I'm genuinely interested. Please explain. You said yourself it wasn't complicated - so give me figures.

I think it's unfair to accuse worried people of scaremongering. The concept IS in the manifesto and the fact that no actual figures are given is perfectly good reason to worry.

Saying don't be daft everyone will be better off except landed gentry and millionaires is naive.

Lots of people (especially in London) accidentally have very high value homes either due to huge increases in property value or inheretence or both. The fact that people have high value homes does not mean that they have anything other than average at best incomes so yes, could, even with the 1% figure suggested, find themselves unable to pay LVT.

ThroughThickandThin I feel for you and your burden of two acres. Maybe you could make some money back by renting out some square footage to homeless people.

Some people with acres of grounds are farmers. Will that be fair? Won't it affect food prices?

LVT looks at the maximum value of the land under the use it is zoned for. Agricultural land for eg can't be built in so its value would be less than acres of for eg acres of brownfield sites.

Chardonay it isn't even a policy suggestion. If it were a policy suggestion, you could have a look at the Labour Manifesto and see how it would work for farmers. As it isn't in the manifesto, its anyone's guess what the fine details would be, and what get out will be written in for farmers (presumably something allied to the way the Business Rates that currently exist work for farmers).

Sorry, saying lots of people have high value homes was a daft exaggeration, but in the southe east there will be a reasonable number.

throughthickandthin

How much more income tax will you be paying with Theresa May?

clue - you don't know because they've neglected to mention that.

Labour scare the crap out of me period. The 'soak the rich' strategies of Blair and brown sounded all Robin Hood but invariably soaked pretty much everyone.

Chardonay

By this:

"It might not be higher everywhere, but it will be higher where most people live, because it will be based on the current value of land and council tax now isn't.

It's really simple if you look at it with unbiased eye"

do you mean that in your opinion it is better that council tax is based on values from over 20 years ago than on up to date values?

I think Labour have been open that it's not fair for people to not pay any tax on property price increase - literally thousands, possibly even hundreds of thousands, of unearned income.

It might not be higher everywhere, but it will be higher where most people live, because it will be based on the current value of land and council tax now isn't.

And this has lots of benefits eg preventing housing bubbles and people buying up land as an investment. I guess maybe the issue here is whether people think things should be done for their own personal benefit, or for the benefit of the country as a whole.

I don't have figures now, no one does, well, the public doesn't.

But it's not in the Manifesto for nothing.

Look, I would have to be right about this, but I've done this for years. people need to see what is in a document and what it is there. There is nothing random about this.

All the promises in the manifesto need to be funded. The land tax will bring money in.

:o "I wish we'd stayed in our London terrace worth loads more than our house now with 2 acres. It's not fair."

Poor didums :o