Friday, June 18, 2004

Land and Tax - it is being proposed as LVT

Further to land and tax, the ideas I have proposed are already actively being formed over at landvaluetax, a UK org website.

The UK Greens have this in their manifesto, and it is being seriously looked at in Scotland.

I believe it has far-reaching economic and social implications for the good, and Britain could become one of the leaders in socio-economic evolution.

With no VAT or income tax, the UK would become a haven for all Europe and even America in terms of retail trade.

My main concern is evolving from the existing taxation model (income, purchase and corp tax) to Land Value Taxation and oversight/regulation.

One segment at a time would be very trying to pull the tablecloth off slowly - it needs one quick confident action. How? First step is to assemble all land registry information and devise an initial rating system so that the impact will be known once the correct revenues are able to be collected. It will require adjustments and easements, such as allowing existing owners a few years to adjust their exposure to the tax.

Regulation will be harder. Once companies no longer pay corporation tax, PAYE or NI and that employees no longer "pay" PAYE, NI, the regulatory framework that administers such information will be a cost centre, not a revenue generator, as it will be statistical as opposed to a financial exercise.

I can see the Health and Safety body and Equal Rights Commission being used to 'police' companies to ensure fair pay, conditions and equal opportunites, though at some point employees should be flagged in some way to ensure they are working in safe environments.


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