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Estimation of Land Value Tax Revenues in London


Reference:

Barnaby, C. and Pearce, N., 2017. Estimation of Land Value Tax Revenues in London. Institute for Policy Research.

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Abstract

Land Value Tax (LVT) revenues can be estimated based on the underlying land value and the use of the land. This report gives estimates of potential LVT for each London borough and the whole of London. These estimates are compared to revenue from the current tax regime: Council Tax (CT) and (residential) Stamp Duty Land Tax (SD) for domestic taxation and, for non-domestic tax, the National Non-Domestic Rates (NNDR) and (non-residential) Stamp Duty Land Tax. In each scenario, the level of LVT is adjusted to keep the total revenue across the whole of London static. For domestic tax based on the land area of domestic buildings: • An LVT of 1.97% gives London-wide domestic revenue of £6.5bn, similar to CT plus SD • An LVT of 1.04% gives London-wide domestic revenue of £3.4bn, similar to CT only For domestic tax based on the area of domestic buildings plus domestic gardens: • An LVT of 0.62% gives London-wide domestic revenue of £6.4bn, similar to CT plus SD For non-domestic tax: • An LVT of 2.85% gives London-wide non-domestic revenue of £6.4bn, similar to total NNDR net collectable revenue • An LVT of 3.41% gives London-wide non-domestic revenue of £7.6bn, similar to NNDR plus non-residential Stamp Duty

Details

Item Type Reports/Papers
CreatorsBarnaby, C.and Pearce, N.
DepartmentsResearch Centres & Institutes > Institute for Policy Research
Faculty of Science > Mathematical Sciences
Research Centres & Institutes > Bath Institute for Mathematical Innovation
StatusPublished
ID Code57343

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