LVT seminar, Portcullis House 18 October 2017 LVT: some cautionary notes Michael Edwards, Bartlett School, UCL email: m. edwards@ucl. ac. uk Bartlett School of Planning, University College London http: //justspace. org. uk http: //michaeledwards. org. uk Twitter: @michaellondonsf @Just. Space 7 • NOTE that some of the images used here have no cleared copyright approvals: this has been prepared only for teaching purposes and must not be reproduced.
scope • • • What do we want? Reinforcing geographic inequalities Reinforcing markets Land + “improvements” Ways forward: tax property or land?
What do we want? …inspired by Duncan Bowie • • Foster productive investment, not speculation Bring land forward for development at lowest possible cost Reduce scope of markets, increase public land & commons Ensure most effective use of land property in relation to public policy objectives • Land [and property] value appreciation should be captured for public policy objectives • Reduce wealth inequalities • Replace bad taxes CT, CGT, IHT, SDLT, u. BR +?
Reinforcing geographic inequalities • Risk of reinforcing disparities between regions, cities, districts within them • A redistribution scheme is a pre-requisite for any local taxation regime • Until then the channelling of funds to localities via central government may be less evil… • …even though the agglomeration fetish channels too much to London. [not a problem unique to LVT; applies equally to London Finance Commission & similar proposals for locallyraised taxes]
Dan Cookson map
Neal Hudson (For m 2 add a 0)
Reinforcing markets • Remember that Henry George’s plan was for a more effective capitalism • Market forces to be better harnessed to optimise the use of land • Is this what we want? • In particular: intensifying the use of land
Land + “improvements” • Incentivise land owners to maximise their exploitation of sites, within the law • Pre-supposes a zoning system to specify how land can be used. • UK system does not use such zoning. • Poses a huge problem for valuation: what planning assumptions to make? • Are all intensifications “improvements”
Heygate Estate demolished for intensification
Now under construction on Heygate site 74 social rented homes out of 2, 704 compared with 1, 194 before
So what should we do? • To start with, at least, a property value tax with a redistribution between areas • Easy to compute, could be automated • Captures the rent from intensely-developed land; use £/m 2 x m 2 to make under-occupancy transparent • Base on existing use value, except… • …un-implemented permissions (lagged) • …land allocated in plans (lagged) • …land under option (not sure? ) • Replace CT, u. BR, CGT, • CPOs at existing use value
Sources etc • My talk draws on work I did for the Government Office of Science project on the Future of Cities 2015, material for which is at societycould. wordpress. com • Other writings at michaeledwards. org. uk/publications-list • See also Just. Space. org. uk
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