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November 24, 2010

Mirrlees calls for LVT

Among the "radical changes" recommended by the Institute for Fiscal Studies (IFS) in its Review of the Tax System by Nobel Laureate Sir James Mirrlees is Land Value Taxation. (see Chapter 16 of the Interim Report for details).

The full Mirrlees Review is published by Oxford University Press and was launched by IFS as a free download on 12 November. The first volume (Chapters 1 to 13) is in its final form: a series of discussion papers, commissioned from various "distinguished authors". The second volume, by the Review's own editorial team, is still only available as "pre-publication draft" chapters. PLRG would like to hear from anyone who has comments, before the final version comes out early in 2011.

Whilst not in any way representing official Government views on tax reform, early indications are that the Coalition will take this "coherent view" extremely seriously. So the findings on land & property taxation are very encouraging for those who favour further 'tax shifting' off enterprise and onto resource rents.

Most significant is the fact that Mirrlees sees LVT mainly as a national tax, not a local one. Whilst calling for it to specifically only replace Business Rates and Stamp Duty Land Tax on non-domestic property (in the summary headline findings on "Business taxes"), the details in Chapter 16 indicate a more comprehensive approach is favoured.

Posted by Tony Vickers at November 24, 2010 12:29 PM | TrackBack

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