and property is greatly undertaxed compared with other countries.
This simply is not true.
Property tax as a percentage of total tax collected by the country.
The UK collects 11.9% of total tax revenue from taxes on property. This is the highest in the OECD and some twice the OECD average of 5.8%.
It might be that we tax property badly, that we don\’t tax really expensive property enough, all sorts of things might be wrong with the system. But it simply isn\’t true that we tax property lightly compared with other countries. Quite the opposite.
True, we don\’t have capital gains on first houses, we don\’t tax imputed rents for owner occupiers. But we do get over £25 billion each in domestic and business rates (except for one spot in Norfolk) and yes, those are taxes on property.
It\’s also fun to see Ritchie\’s figures mangled even more than he himself manages:
while some £25bn is evaded and £70bn avoided.
Other way around…..