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This practical fix shows why the chancellor should introduce a land value tax

Advocates have started from the wrong premise. Ahead of the Budget, it’s time to recast the proposition

By Dan Beiny  

he Belgravia neighbourhood is one of the wealthiest wards in London. Photo: Goran Stanzl/PIXSELL/Pixsell/PA Images

Ever since the 19th century, economists and social philosophers have advocated for a land value tax (LVT) as the fairest and most progressive form of taxation possible. With land in fixed supply, monopolist owner-occupiers pay no tax on the imputed economic rents they enjoy, but benefit from the asset price growth brought about through improvements to local infrastructure and amenities, which are paid for by others.

Residential land accounts for over 75 per cent of…

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