Capital gains tax could be scrapped in favour of a flat rate land tax of 10% on a property sale.
Accountancy Age, 14 Oct 2002
Liverpool puts forward land tax plan
The move comes as the Treasury struggles to close a loop hole which allows individuals to hold British land offshore and therefore avoid CGT.
According to reports in the national press a land tax could raise as much as £6bn a year for the Treasury - a figure made more attractive because CGT is estimated to provide only around £1bn in revenues.
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