Replacement of Stamp Duty with Land Value Tax

[AnalyticalChick]

I was reading in Money Week that all the political parties see an ongoing annual Land Value Tax as the preferable alternative to Stamp Duty.. The change is likely go ahead within the next few years. Would MNers prefer to pay Stamp Duty on an initial property purchase, or an annual LVT on the value of their property?

I don't think the government will be able to avoid tapping the massive private property wealth in this country for tax. Since real estate cannot be moved overseas, it is a secure source of revenue. No other source of extra taxation is so certain. As with all tax overhauls, there are likely to be winners and losers, and the people you describe may be the losers in this case, unless the tax is only applied to more expensive properties, say, anything above average value. If it means people are not denied chemotherapy, it is probably an unappealing but necessary sacrifice to make.

LVT falls on the landlord rather than the tenant by the way ....

LVT hits those who are currently untaxed (the super rich) but not those who own nothing

I'd rather miss out on chemotherapy so it not a sacrifice I'm willing to make.