Site values grow as the result of community activity – new roads, transport links, shops, offices, policing and other services. So why should the community not be repaid for the benefit it creates for the landowner? An Land Value Tax (LVT) on economic rent – the amount of money the land would generate if leased – is the only fair way to ensure social justice. Dave Wetzel, Vice -Chair of Transport for London, and Chair of the Professional Land Reform Group and the Labour Land Campaign, proposes an LVT that would replace many existing taxes – one that would be good for business, good for those struggling to buy houses, and good for the Chancellor.
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