More Equitable Ways to Tax Property
Sure, it would be nice for local councils to get a slice of the stamp duty to buy property in their areas (Tycoon property claims to call taxes to stay locally, February 9). But the most urgent need is to renew the council tax, as evidenced by the purchase of Ken Griffin For those two London Bijous. According to the reports of £195 million, they will attract a combined combined tax of only £2,842, as with any two local high-range properties, each value (at the most recent revaluation in 1991) of more than 320,000 pound. Again we see that few people pay the appropriate taxes.
If work? First, obviously, another reassessment. Second, reset the binding with the straps, from the ground up if necessary, to reach the highest value scale. Third, a basic rate within each range is imposed on the UK’s main taxpayers’ homes and higher rates on all other categories, along with the penalty rates and escalation on properties left empty.
All this should make Griffin and his ilk close to what he will pay for his new $ 238 million job in Manhattan – close to $ 280,000 a year – and thus allow the local services, on which we as young people depend and pay as much as we can, to back down.
• The impact of the property tax system on council financing, which was discussed by Simon Jenkins (the wealth of the rich park here – pushing, February 8) is just one of the absurd features of our system.