A tax that could raise billions without upsetting UK voters

Think Left

Proposal: 5% annual property tax levied on all property owned by those not registered to pay tax in the UK. 

By Henry Stewart :  @happyhenry

The best taxes are those targeted at behaviours we want to deter. Apart from a small number of property companies, the purchase of UK property by overseas investors brings no benefit to any British voter. Indeed it reduces the number of homes available for people in this country and increases the prices.

I work in Aldgate in central London, where a succession of residential towers are being erected. For One Aldgate, the first to go on the market, I was told by a local estate agent that 40% of the flats were sold in one weekend in Hong Kong. Many of these flats will be left empty and only used occasionally, if at all, by the owners.

A report from Savills in 2013 (http://bit.ly/SavPropty

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