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Property Tax Reform: Addressing Equity and Efficiency Issues for a Fairer System

This presentation discusses the need for reform in property taxation, exploring the impact of exemptions and reliefs on tax revenue and property cycle dynamics. It delves into council tax, occupational taxes, stamp duty, developer contributions, viability assessments, and concludes with proposing changes for a more equitable and efficient property tax system.

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Property Tax Reform: Addressing Equity and Efficiency Issues for a Fairer System

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  1. Property Taxation – Time for Reform? Jeremy Edge Edge Planning & Development PLRG 2011 Programme LSBU Thursday 3rd February

  2. Background • RICS Research Project – Property Taxation • Purpose - Engage with Treasury to introduce simplification • Lack of knowledge regarding the magnitude of tax raised through property • Lack of understanding of the effects of reliefs and exeptions

  3. The Property Cycle – A Taxation Opportunity

  4. Property Life Cycle

  5. Commercial Property Taxation Opportunities

  6. Residential Property – Life Cycle

  7. Residential Property Taxation

  8. Council Tax Occupational tax – regardless of ownership A variety of exemptions exist, such as those detailed below: The property is empty Only one adult lives there The occupier is disabled The occupier is a student Low income families can also qualify for council tax benefit

  9. Council Tax Bands

  10. Council Tax – Geographic Value Distortion

  11. Stamp Duty Land Tax

  12. Stamp Duty Thresholds

  13. Developer Contributions • Nationalisation of Development Value • Betterment Levy • Development Land Tax • S106 agreements – need for transparency • Tariffs • Planning Gain Supplement • Community Infrastructure Levy – • Planning Act 2008 • CIL Regulations April 2010 • Charging Schedules • Scaled back s106 arrangements

  14. Viability Assessment • S106 contributions - subject to viability testing • Affordable Housing provision • Cross Rail Levy and hypothecation • Modelling to assess the planning gain tax

  15. Conclusions • Property taxation needs an overhaul • Equity and efficiency issues need to be addressed • Vested interests are likely to resist change and seek new exemptions and reliefs • Do we need to try other approaches?

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