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Property Taxation – Time for Reform?

Property Taxation – Time for Reform?. Jeremy Edge Edge Planning & Development PLRG 2011 Programme LSBU Thursday 3rd February. Background. RICS Research Project – Property Taxation Purpose - Engage with Treasury to introduce simplification

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Property Taxation – Time for Reform?

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  1. Property Taxation – Time for Reform? Jeremy Edge Edge Planning & Development PLRG 2011 Programme LSBU Thursday 3rd February

  2. Background • RICS Research Project – Property Taxation • Purpose - Engage with Treasury to introduce simplification • Lack of knowledge regarding the magnitude of tax raised through property • Lack of understanding of the effects of reliefs and exeptions

  3. The Property Cycle – A Taxation Opportunity

  4. Property Life Cycle

  5. Commercial Property Taxation Opportunities

  6. Residential Property – Life Cycle

  7. Residential Property Taxation

  8. Council Tax Occupational tax – regardless of ownership A variety of exemptions exist, such as those detailed below: The property is empty Only one adult lives there The occupier is disabled The occupier is a student Low income families can also qualify for council tax benefit

  9. Council Tax Bands

  10. Council Tax – Geographic Value Distortion

  11. Stamp Duty Land Tax

  12. Stamp Duty Thresholds

  13. Developer Contributions • Nationalisation of Development Value • Betterment Levy • Development Land Tax • S106 agreements – need for transparency • Tariffs • Planning Gain Supplement • Community Infrastructure Levy – • Planning Act 2008 • CIL Regulations April 2010 • Charging Schedules • Scaled back s106 arrangements

  14. Viability Assessment • S106 contributions - subject to viability testing • Affordable Housing provision • Cross Rail Levy and hypothecation • Modelling to assess the planning gain tax

  15. Conclusions • Property taxation needs an overhaul • Equity and efficiency issues need to be addressed • Vested interests are likely to resist change and seek new exemptions and reliefs • Do we need to try other approaches?

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