>Laying out a six-point plan for property tax reform, the OECD …
which this crappy article doesnt further mention. so here they are:
The report discusses a wide range of reform options that could help enhance the design, functioning and impact of housing taxes, which includes the following:
Strengthening the role of recurrent taxes on immovable property, in particular by ensuring that they are levied on regularly updated property values, while lowering housing transaction taxes would increase efficiency in the housing market and improve vertical and horizontal equity.
Considering capping the capital gains tax exemption on the sale of main residences to ensure that the highest-value gains are taxed would strengthen progressivity and reduce some of the upward pressure on house prices, while continuing to exempt capital gains on the main residence for the majority of households.
Gradually removing or capping mortgage interest relief for owner-occupied housing would also have positive impacts on progressivity, tax revenues and house price affordability.
Tax incentives for energy efficient housing renovations could be better targeted to ensure that they reach low-income households. This could contribute to greater emissions reductions and enhance the equity of tax incentive schemes.
Caution should be exercised when considering tax incentives to encourage homeownership; in most cases, encouraging the supply of housing and promoting the more efficient use of existing housing stock through both tax and non-tax measures is likely to have a greater impact on housing affordability.
Strengthened reporting requirements, including third-party reporting to the tax authority and international exchanges of information for tax purposes, are also key to ensuring that housing taxes are enforced properly.
I must say this makes a lot of sense. Council tax based a 1991 values are a significant subsidy to the very rich. Huge houses in nice areas as paying well below what they should.
Capping capital gains on primary residences makes a ton of sense too. Mega mansions should not be changing hands without paying any tax at all.
Can we have a land value tax instead
I think it’s by design, isn’t it?
Wales will be doing another CT revaluation, unlike England Wales did one back in 2003 (Gordon Brown scrapped plans for an English revaluation).
There is potential for new bands to be added at the top and the bottom and rolling revaluation cycles introduced. Discounts, exemptions and premiums would all be overhauled along with the Council Tax Reduction Scheme.
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Se as everything else then
>Laying out a six-point plan for property tax reform, the OECD …
which this crappy article doesnt further mention. so here they are:
The report discusses a wide range of reform options that could help enhance the design, functioning and impact of housing taxes, which includes the following:
Strengthening the role of recurrent taxes on immovable property, in particular by ensuring that they are levied on regularly updated property values, while lowering housing transaction taxes would increase efficiency in the housing market and improve vertical and horizontal equity.
Considering capping the capital gains tax exemption on the sale of main residences to ensure that the highest-value gains are taxed would strengthen progressivity and reduce some of the upward pressure on house prices, while continuing to exempt capital gains on the main residence for the majority of households.
Gradually removing or capping mortgage interest relief for owner-occupied housing would also have positive impacts on progressivity, tax revenues and house price affordability.
Tax incentives for energy efficient housing renovations could be better targeted to ensure that they reach low-income households. This could contribute to greater emissions reductions and enhance the equity of tax incentive schemes.
Caution should be exercised when considering tax incentives to encourage homeownership; in most cases, encouraging the supply of housing and promoting the more efficient use of existing housing stock through both tax and non-tax measures is likely to have a greater impact on housing affordability.
Strengthened reporting requirements, including third-party reporting to the tax authority and international exchanges of information for tax purposes, are also key to ensuring that housing taxes are enforced properly.
I must say this makes a lot of sense. Council tax based a 1991 values are a significant subsidy to the very rich. Huge houses in nice areas as paying well below what they should.
Capping capital gains on primary residences makes a ton of sense too. Mega mansions should not be changing hands without paying any tax at all.
Can we have a land value tax instead
I think it’s by design, isn’t it?
Wales will be doing another CT revaluation, unlike England Wales did one back in 2003 (Gordon Brown scrapped plans for an English revaluation).
There is potential for new bands to be added at the top and the bottom and rolling revaluation cycles introduced. Discounts, exemptions and premiums would all be overhauled along with the Council Tax Reduction Scheme.
https://www.walesonline.co.uk/news/politics/council-tax-wales-rebanding-revaluation-24456875
>UK favours the wealthy, says OECD
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There. fixed the title.
Institute a Land Value Tax, simple, next question
How about charging council tax to the owner and not the tenant. Such a ridiculous tax on renting