Comments on: What I want from the budget http://www.taxresearch.org.uk/Blog/2008/03/12/what-i-want-from-the-budget/ Richard Murphy on tax and corporate accountability Wed, 03 Dec 2008 06:37:18 +0000 http://wordpress.org/?v=2.6 By: Tax Research UK / Income shifting http://www.taxresearch.org.uk/Blog/2008/03/12/what-i-want-from-the-budget/#comment-396879 Tax Research UK / Income shifting Wed, 12 Mar 2008 13:33:23 +0000 http://www.taxresearch.org.uk/Blog/2008/03/12/what-i-want-from-the-budget/#comment-396879 [...] Chancellor has listened to me: the rules on income shifting will be postponed for a [...] [...] Chancellor has listened to me: the rules on income shifting will be postponed for a [...]

]]> By: Carol Wilcox http://www.taxresearch.org.uk/Blog/2008/03/12/what-i-want-from-the-budget/#comment-396857 Carol Wilcox Wed, 12 Mar 2008 12:44:45 +0000 http://www.taxresearch.org.uk/Blog/2008/03/12/what-i-want-from-the-budget/#comment-396857 It's not only non-residents who speculate on property. A full annual land value tax payable by owners would capture, for public benefit, all the unearned capital gain in land values (the largest element in property prices) plus the economic rent (which the banks partly capture through mortgage interest). And you wouldn't have to wait for a (possibly hidden) transaction to take place to produce a huge, secure revenue stream. All booms end with a speculative land price bubble since, as Mark Twain once observed, 'they ain't making any more of it'. The bubbles just get bigger each cycle with increasing population, concentration of wealth and environmental degradation. When will economists stop ignoring the land issue? It’s not only non-residents who speculate on property.

A full annual land value tax payable by owners would capture, for public benefit, all the unearned capital gain in land values (the largest element in property prices) plus the economic rent (which the banks partly capture through mortgage interest). And you wouldn’t have to wait for a (possibly hidden) transaction to take place to produce a huge, secure revenue stream.

All booms end with a speculative land price bubble since, as Mark Twain once observed, ‘they ain’t making any more of it’. The bubbles just get bigger each cycle with increasing population, concentration of wealth and environmental degradation.

When will economists stop ignoring the land issue?

]]> By: roger rabbit http://www.taxresearch.org.uk/Blog/2008/03/12/what-i-want-from-the-budget/#comment-396841 roger rabbit Wed, 12 Mar 2008 12:07:13 +0000 http://www.taxresearch.org.uk/Blog/2008/03/12/what-i-want-from-the-budget/#comment-396841 You didn't give poor Mr Darling much time to review your suggested changes Richard! You didn’t give poor Mr Darling much time to review your suggested changes Richard!

]]> By: Azra http://www.taxresearch.org.uk/Blog/2008/03/12/what-i-want-from-the-budget/#comment-396806 Azra Wed, 12 Mar 2008 10:39:20 +0000 http://www.taxresearch.org.uk/Blog/2008/03/12/what-i-want-from-the-budget/#comment-396806 How about: The sale of any UK real estate by a non-resident will be subject to CGT in the UK, irrespective of ownership structure (personal name, trust or company)? That should stop non-residents buying Central London for stupid prices and driving everybody else outside the housing market. Forget the non-dom issue. It's irrelevant for tax purposes. The purchase of real estate by non residents for speculation purposes is what is driving the UK into the wall: it can be bought through an offshore structure and avoid all taxes. The effect on all "normal" people is a disaster. How about:
The sale of any UK real estate by a non-resident will be subject to CGT in the UK, irrespective of ownership structure (personal name, trust or company)?
That should stop non-residents buying Central London for stupid prices and driving everybody else outside the housing market.
Forget the non-dom issue. It’s irrelevant for tax purposes.
The purchase of real estate by non residents for speculation purposes is what is driving the UK into the wall: it can be bought through an offshore structure and avoid all taxes. The effect on all “normal” people is a disaster.

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