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Valuation for the purposes of a wealth tax

Daly, Stephen, Hughson, Helen and Loutzenhiser, Glen (2021) Valuation for the purposes of a wealth tax. Fiscal Studies, 42 (3-4). 615 - 650. ISSN 0143-5671

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Identification Number: 10.1111/1475-5890.12287

Abstract

This paper considers the scale and prevalence of valuation issues under a wealth tax. Valuation issues are frequently cited in the literature as the most difficult aspect of wealth taxes. We examine some of the most problematic asset types from a valuation perspective. We also consider a range of solutions to manage these concerns, drawing on international experience and the approaches already taken for other taxes within the UK system. We conclude that satisfactory options for arriving at a value for wealth tax purposes are available even for the most problematic assets. We also estimate that the absolute number of taxpayers likely to pay substantial valuation fees is small, and that, in aggregate, valuation costs could be contained to around 0.1 per cent or less of total chargeable assets, even if they are substantial for some individual taxpayers.

Item Type: Article
Official URL: https://onlinelibrary.wiley.com/journal/14755890
Additional Information: © 2021 The Authors
Divisions: LSE
International Inequalities Institute
Subjects: H Social Sciences > HJ Public Finance
H Social Sciences > HB Economic Theory
Date Deposited: 19 Nov 2021 11:45
Last Modified: 14 Dec 2021 11:27
URI: http://eprints.lse.ac.uk/id/eprint/112696

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