LVT Colloquium (RICS)
On the 15th Sept 2014, a colloquium on land value tax (LVT) was held at the Westminster HQ of the Royal Institution of Chartered Surveyors (RICS). The colloquium was attended by some 40 invitees, spanning senior figures from government agencies and the property industry, through to Think-Tanks, academics and journalists.
The colloquium was presented with economic analysis suggesting that a single annual tax based on land values would be capable of producing potential revenue flows of £82 billion: sufficient to replace all existing property taxes.
Following rigorous debate, the meeting, held with an option for Chatham House Rules, concluded that the technical issues often quoted as providing reasons not to switch to assessing land rather than property, namely valuation methodology and data, are capable of solution within the UK context.