MBK and Thomas B Hall both alerted me to this statistic:
New research released by Barclays shows that the over 65s added £37 billion to the UK economy through spending on the Hospitality & Leisure sector in the last year.
Based on LVT/Domestic Rates of average 3% - 3.5% of the value of your main residence, pensioners' main residences would incur bills of about £40 billion a year.
So that's "ability to pay" sorted.
UPDATE: To put this in perspective, UK pensioners receive approx. £100 bn a year in state pensions, pension credit and other bits and pieces; £30 bn a year in public sector/civil service pensions; and £40 bn in private sector pensions, total = £170 bn.
According to HMRC, £14 bn is deducted in income tax (i.e. public and private pensions x 20%).
Male Talkers
5 hours ago
3 comments:
Well, they also receive £100bn of welfare in the form of the state pension...
Well, I am nearly a pensioner and Mrs L IS a pensioner, but given that I run a business I'd still be a shed load better off under LVT. The removal of all that deadweight cost of bad taxes on my business would see its profitability and revenue grow exponentially.
"The search for the elusive Poor Widow cools down again"
Damn, just when I thought there might be a chance of someone spotting one.
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