Monday 23 October 2017

House database is a red herring

It is obvious that the new property price database will be used as a vehicle to introduce a property tax by stealth, probably in next year's Budget

It overcomes one of the major impediments preventing the introduction of such a tax, mainly that there was no cost-efficient or accurate means by which to value an individual property, given the recent turbulence in the property market, and thereby levy an appropriate tax.

There has been speculation that the Government had intended to levy a property tax based on an independent auctioneer valuation, with the cost of the auctioneer valuation to be born by the proprietor, a suggestion that sank like a lead balloon with the general public.

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