BBC: UK's third-biggest taxpayer to leave for Greece

[zero]

How much is your house worth if it hasn't been sold recently? The painting on your wall? Your share of the family business that isn't publicly listed?

The latter two are indeed difficult and that's why I would limit it to land.

Property value is already used for council tax purposes - and not even the current value but a notional historical value... we have websites such as zoopla that can estimate your current house price to a reasonable level of confidence.

Adopt one of those methodologies, let people challenge the valuation if they disagree (like with council tax), and if you refuse to pay because you think the valuation is too high, the government will purchase your property for that valuation.

 

[najaB]

denovo

and if you refuse to pay because you think the valuation is too high, the government will purchase your property for that valuation.

That seems like a reasonable approach and makes valuation real since it's the lower of what the government thinks it is worth and you would be willing to sell it for.

 

[Gazimo]

denovo

That seems like a reasonable approach and makes valuation real since it's the lower of what the government thinks it is worth and you would be willing to sell it for.

as long as they forsake all taxes on the transaction and the purchase of a new property as well as pay for moving costs, I think its fair, otherwise they can jack up the valuation and no-one would follow through with it cos you have to pay so much to move anyway. Because if its a second home, you immediately have a 40% tax on gains, so they can have the valuation 30% above what it is and you're not going to sell it to them as you will lose more to the government anyway.