UK Property Taxes Highest in the Developed World: Soars Beyond £80bn

UK Property Taxes Highest in the Developed World: Soars Beyond £80bn

Households in Britain are paying more when it comes to property taxes. This is not only as a GDP percentage, but also when it comes to taxation as a whole when compared to the rest of the world.

It has been revealed that residents in the UK are actually being required to pay higher for property taxes when compared to other countries that are considered part of the developed world. The receipts are in and the numbers have even soared beyond £80 billion for the very first time.

While the news may no longer be a surprise to businesses and homeowners alike, it is still quite noteworthy how new research data shows the massive property taxes that the UK imposes on its residents. The country now has the highest taxes for properties both in overall taxation as well as in GDP percentage.

Analysis of the data coming from OECD shows how tax rates have jumped up considerably in 2016 when compared tohow much was charged a year before. For instance, business rates, along wit inheritance and property taxes soared to a whopping £81.4 billion last year. That is a significantly huge leap from the £76.6 billionthat was collected the year before.

This only means that when it comes to revenue receipts, property taxes indicate an increase of £19.9 billion since the year 2010.

Meanwhile, the property taxes in the country as overall taxes percentage reached 12.5% last year. This has more than doubled the average percentage rate of 6 as listed by the OECD.

These figures now put the country ahead of other courtiers such as Australia at 10.7%, Canada at 11.8%, and South Korea at 12.3%.

In the UK, property taxes are considered to be equivalent to the GDP’s 4.1%. This is still higher than that of Francewitch is presently at 4.0% as well as that of Canada at 3.8%.

Last week in the Budget, announcement has been made by the Government about how it is scrapping the stamp-duty that used to be imposed on peoplebuying properties for the very first time. The scraping of the stamp-duty is intended for properties that have a listed worth of £300,000 and lower. It is also announced that rises in the business rates are going tobe curbed as well.

According to Altus Group’s President of Business Rate Alex Probyn, the Budget last Wednesday sees how property taxes are seen to be going back towards the right direction. He noted that this move is quite encouraging.

Stayup-to-date with the latest in the world of property development with property developer Junaid Iqbal Mohammed Memon here. Check out more updates on property news and other related developments at Junaid Iqbal Mohammed Memononline.

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