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the case for a property speculation tax
a smith institute discussion paper
By Andrew Heywood and Paul Hackett
T H E
S M I T H
I N S T I T U T E
the case for a property speculation tax
a smith institute discussion paper
By Andrew Heywood and Paul Hackett
Published by The Smith Institute This report represents the views of the authors and not those of the Smith Institute.
© The Smith Institute September 2013
T H E
S M I T H
I N S T I T U T E
Contents
Preface Executive summary Introduction Section 1: What is a Property Speculation Tax? Section 2: Why now: the housing crisis Section 3: How will it work? Conclusion References 3 7 10 14 18 32 44 46
2
T H E
S M I T H
I N S T I T U T E
Preface
This discussion paper forms part of the Smith Institute’s ‘policy in the making’ series. It is also complements the Institute’s on-going research work on the UK’s housing crisis, including our report ‘London for Sale: An assessment of the private housing market in London and the impact of growing overseas investment’ (2012). The paper provides a timely and thought provoking analysis of the case for a Property Speculation Tax (PST) as a possible instrument to tackle the emerging housing boom in London and other property hotspots. We have not tried to offer a definitive assessment of a PST and only touched on some of the more technical aspects surrounding possible scope of the tax and tax rates. Our intention is primarily to stimulate a national debate on what actions government can take to prevent speculation in the housing market. A PST may not be the right response, but we believe it is a fiscal tool worth further consideration and debate.
About the authors Paul Hackett is director of the Smith Institute and has written and commented extensively on housing and related public policy matters. Andrew Heywood is a consultant specialising in housing and mortgage markets. He is editor of the journal Housing Finance International...
a smith institute discussion paper
By Andrew Heywood and Paul Hackett
T H E
S M I T H
I N S T I T U T E
the case for a property speculation tax
a smith institute discussion paper
By Andrew Heywood and Paul Hackett
Published by The Smith Institute This report represents the views of the authors and not those of the Smith Institute.
© The Smith Institute September 2013
T H E
S M I T H
I N S T I T U T E
Contents
Preface Executive summary Introduction Section 1: What is a Property Speculation Tax? Section 2: Why now: the housing crisis Section 3: How will it work? Conclusion References 3 7 10 14 18 32 44 46
2
T H E
S M I T H
I N S T I T U T E
Preface
This discussion paper forms part of the Smith Institute’s ‘policy in the making’ series. It is also complements the Institute’s on-going research work on the UK’s housing crisis, including our report ‘London for Sale: An assessment of the private housing market in London and the impact of growing overseas investment’ (2012). The paper provides a timely and thought provoking analysis of the case for a Property Speculation Tax (PST) as a possible instrument to tackle the emerging housing boom in London and other property hotspots. We have not tried to offer a definitive assessment of a PST and only touched on some of the more technical aspects surrounding possible scope of the tax and tax rates. Our intention is primarily to stimulate a national debate on what actions government can take to prevent speculation in the housing market. A PST may not be the right response, but we believe it is a fiscal tool worth further consideration and debate.
About the authors Paul Hackett is director of the Smith Institute and has written and commented extensively on housing and related public policy matters. Andrew Heywood is a consultant specialising in housing and mortgage markets. He is editor of the journal Housing Finance International...