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Written question asked by Lord Bailey of Paddington (Conservative) on Monday, 13 July 2026, in the House of Lords. It was due for an answer on Monday, 27 July 2026. It was answered by Lord Pitt-Watson (Labour) on Friday, 24 July 2026 on behalf of the Treasury.

Land: Taxation

Question

To ask His Majesty's Government what assessment, if any, they have made of the impact of the introduction of a land value tax on (1) residents, (2) the local economy, and (3) house prices, in central London.

Answer

The current UK property taxes are an important source of revenue for both the Exchequer and Local Authorities. They raise over £75 billion each year to help pay for essential public services. Any reforms to the property tax system would need to carefully consider positive or negative implications for the Exchequer, Local Government finances, taxpayers and the wider economy. The government keeps all taxes under review.

Secondary information

Type
Written question
Reference
HL1958
Session
2026-27
Subjects
Land Greater London Taxation
Link
View this Written question on www.parliament.uk