Start Date
30-11-1988 12:30 PM
End Date
30-11-1988 2:00 PM
Description
At the present time, there is no annual or capital tax which is levied solely or exclusively on land in the United Kingdom. This is a relatively recent situation. Since 1947 gains arising from actual or perceived development values of land were recouped at tax rates which varied from 60% to 100%. The two most recent taxes being the Development Gains Tax, introduced in 1974 by a Conservative Government, and the Development Land Tax, introduced in 1976 by a Labour Government and which continued for six years under a Conservative Government at a tax rate on development values of 60% until it was abolished by the present Government three years ago. At the present time capital gains on transactions in land and buildings and on the disposal of other capital assets are taxed under Capital Gains Tax for individuals or the Corporation Tax in respect of companies.
Publication Date
November 1988
Recommended Citation
Howes, Christoper, "Changes in the financing of local government in England and Wales" (1988). International Research Symposium. 29.
https://researchexchange.iaao.org/irs/irs88/sessions/29
Changes in the financing of local government in England and Wales
At the present time, there is no annual or capital tax which is levied solely or exclusively on land in the United Kingdom. This is a relatively recent situation. Since 1947 gains arising from actual or perceived development values of land were recouped at tax rates which varied from 60% to 100%. The two most recent taxes being the Development Gains Tax, introduced in 1974 by a Conservative Government, and the Development Land Tax, introduced in 1976 by a Labour Government and which continued for six years under a Conservative Government at a tax rate on development values of 60% until it was abolished by the present Government three years ago. At the present time capital gains on transactions in land and buildings and on the disposal of other capital assets are taxed under Capital Gains Tax for individuals or the Corporation Tax in respect of companies.