The Liberal Democrats have proposed increasing income tax by 1 penny which would raise just £4.6 billion pounds annually. There is a better alternative, called the Property Uplift Recovery Tax which is being proposed by Liberal Democrat ALTER. The tax would be paid annually by all that own housing in the UK and are either:
- British citizens who are have non-domiciled tax status
- Foreign citizens (or British citizens non-resident for over 15 years) who are not taxed in the UK, or
- Corporate entities registered offshore.
The tax would be levied annually on the property price uplift in the local area, and would aim to recover 50% of the long term increase. The tax would raise about £8.5 billion pounds per year (see fully referenced article ).
Taxes need a compelling story which resonates with the electorate, and this tax has one. We are rightly proud to live in a country with a strong economy, a stable government and respect for the rule of law. Housing in the UK is a safe haven for overseas investors, and 10% of housing is now owned by foreign investors. They often leave properties empty, indeed some residential developments in Britain have been likened to towers of safe-deposit boxes. In England 216,000 homes have been empty for over six months.
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