Politics

United States, South Korea, Canada listed as biggest property tax collectors; UK loses top spot

A new report from Altus Group shows that South Korea, Canada and the US now get a larger proportion of their funds from property taxes than the UK.

In Britain, about £1 in every £8.50 collected by the Government last year came from property taxes. It is a drop from 12.4% to 11.8% of the country’s overall tax take, Altus said.

“Whilst support measures around business rates have undoubtedly had a massive impact upon property tax revenues and helped certain sectors, tens of thousands of businesses that didn’t qualify were being let down by the failure to resolve challenges to their tax liabilities in a timely fashion,” said Altus’s UK president, Robert Hayton.

Hayton added: “The below target performance was forcing hard-pressed firms to continue to suffer artificially high property tax bills whilst also being denied the return of years of overpayments.”

The property taxes include council tax, business rates, stamp duty land tax and, in Scotland, land and buildings transaction tax. Last year, Korea relied most on property taxes of OECD countries. It got 14.2% of its tax take from property taxes, followed by Canada, at 12.1%, and the US at 11.9%.

The HMRC (Her Majesty’s Revenue & Customs) took £81.4 billion from property taxes in 2021, compared to £90.3 billion the previous financial year, Altus said.

The drop was largely because of Government support measures that were designed to help the economy during the Covid pandemic. Business rates were also slashed due to Covid’s impact on the economy.

ARTICLE: PAUL MURDOCH 

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: METAL MEYHEM RADIO

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Paul, 37, is from Scotland in the UK, but currently lives and works in Bangkok. Paul has worked in different industries such as telemarketing, retail, hospitality, farming, insurance, and teaching, where he works now. He teaches at an all-girls High School in Bangkok. “It’s a lot of work, but I love my job.” Paul has an active interest in politics. His reason for writing for FBA is to offer people the facts and allow them to make up their own minds. Whilst he believes opinion columns have their place, it is also important that people can have accurate news with no bias.

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