CPS Taxing Mansions paper and researcher Lucian Cook are mentioned in a Tax-News evaluation of top-rate tax.
“Cable’s hopes of securing a quid quo pro arrangement may, however, be dashed by new research from the Centre for Policy Studies. A new paper published for the think tank by Lucian Cook, director of Savills research, says that such a tax would be complex and inefficient, raising little revenue at great potential cost. It could hurt the asset rich, cash poor long term owners of high value property, the paper concludes.
The paper argues, in direct contrast to Cable, that top end property owners already make a disproportionately high contribution to tax revenues. It points out that the UK already has by far the highest property tax take of any Organisation for Economic Co-operation and Development (OECD) country, with property taxes contributing 4.2% of GDP, compared to the OECD average of 1.8%.”
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Date Added: Wednesday 7th March 2012