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A Site Value Tax for Ireland: Approach, Design and Implementation

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  • Micheal L. Collins

    () (Department of Economics, Trinity College Dublin, Ireland)

  • Adam Larragy

    () (Royal Holloway, University of London, United Kingdom)

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    Abstract

    Ireland’s Memorandum of Understanding (MoU) with the EU/IMF requires government to introduce a recurring annual property tax. While the MoU has not specified the precise form this new taxation measure will adopt, commitments in the National Recovery Plan 2011-2014 and Fine Gael/Labour Programme for Government have pointed towards the introduction of an annual Site Value Tax (SVT). Budget 2011 suggested that the yield from this tax source would grow from €180m in 2012 to reach €530m in 2014. Similarly the MoU commits government to raising additional taxation revenues of €1.5bn in 2012 and €1.1bn in 2013 with both to be partly funded by a property tax and increases to that tax. To date assessments of the feasibility of a SVT (by the Commission of Taxation and the Department of Finance) have pointed towards a series of practical difficulties associated with its introduction. This paper outlines a proposal to overcome these difficulties and to introduce a credible, fair and reliable annual SVT from January 2013. The paper uses the land registry database of the Property Registration Authority of Ireland (PRAI) to outline the structure and administration of a SVT.

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    Bibliographic Info

    Paper provided by Trinity College Dublin, Department of Economics in its series Trinity Economics Papers with number tep1911.

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    Length: 31 pages
    Date of creation: Dec 2011
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    Handle: RePEc:tcd:tcduee:tep1911

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    Keywords: Taxation; Property; Fiscal Policy; Ireland;

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    References

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    1. Wagner, Alfred, 1891. "Marshall's Principles of Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 5, pages 319-338.
    2. Oliver Marc Hartwich, 2006. "Taxing Land Value Is Just Another Questionable Tax," Economic Affairs, Wiley Blackwell, vol. 26(4), pages 61-63, December.
    3. Feldstein, Martin S, 1977. "The Surprising Incidence of a Tax on Pure Rent: A New Answer to an Old Question," Journal of Political Economy, University of Chicago Press, vol. 85(2), pages 349-60, April.
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