LibDems propose property tax reforms

The LibDems are proposing some form of property tax reform. To judge from reports in the newspapers, at this stage it is not clear what is being suggested, which indicates the confusion about the whole topic. More details will doubtless emerge at the autumn conference. It would be nice to think that they are at the very least going to argue that all taxes presently falling directly in property – ie Council Tax, the Business Rate, Inheritance Tax, Stamp Duty, Capital Gains Tax, and Section 106 agreements, should be replaced by a single unified tax on the annual rental value of all land. If, initially, this was revenue-neutral, it might be a policy that could be sold even to a public that seems to be one of the most selfish, individualistic and short-sighted in Europe. It would, however, be unwise to hold our breath in expectation.