If the aim is to shake properties free, not to generate revenue then the administration cost being higher than the tax gains is irrelevant. The benefit is potentially more housing stock being made available and hoarding being discouraged.
Three times a small annual fee is no hindrance to people who can afford to hoard empty property.
Tax them to oblivion
Usually I’m critical of our governments all stick and no carrot approach, but this time I’m all for it. Land hoardings is a very big problem in our towns and cities and deserves a very large stick
The rate is not high enough.
If property prices rise by as little as 1% speculators still come out well ahead. It needs to be 3% not 0.3%.
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If the aim is to shake properties free, not to generate revenue then the administration cost being higher than the tax gains is irrelevant. The benefit is potentially more housing stock being made available and hoarding being discouraged.
Three times a small annual fee is no hindrance to people who can afford to hoard empty property.
Tax them to oblivion
Usually I’m critical of our governments all stick and no carrot approach, but this time I’m all for it. Land hoardings is a very big problem in our towns and cities and deserves a very large stick
The rate is not high enough.
If property prices rise by as little as 1% speculators still come out well ahead. It needs to be 3% not 0.3%.