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Greater London Assembly Looks at LVT to Encourage New Housing

February 22, 2016 10:03 PM
By David Cooper

London viewLondon faces an acute shortage of developable areas. A new report 'Tax Trial: Land Value Tax for London?' was released today by London Assembly Member, Tom Copley which estimates that a new Land Value Tax (LVT) could provide the incentive to build over 200,000 new homes in the capital.

Author of the report for the Planning Committee, Tom Copley AM, said:

"The greatest challenge facing the next Mayor will be achieving a step change in the level of housebuilding in London. London needs to maximise sites available for housing and infrastructure. A Land Value Tax could provide the solution, and this report examines its potential to bring more land forward for development.

"The current tax system can encourage inefficient land use, deter development and incentivise land banking. The evidence suggests that a Land Value Tax could incentivise development and more efficient use of land. The time has come to test it out, and we offer the next Mayor a clear course of action to pursue."