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Reform not revolution in domestic property taxes

A new report from London First has found that there is a strong case for a reform of the domestic property tax system.

It argues that, in particular, the council tax system needs revaluation and, given recent increases in property values, that there is a further case for adding new bands at the top of the structure.

However, while the report supports reform that promotes equality across the system, it concludes that radical changes effectively forming a wealth tax-namely the so-called ‘mansion tax’ that has been mooted by some – would be expensive to administer, damaging to confidence and competitiveness, and a de facto tax on London.

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