ABSTRACT
The 1960s have been a period of considerable discussion on the possibility and desirability of an annual net wealth tax for Britain. The gross yield of a wealth tax depends very much on the classes of property exempt, the starting level of the tax, the rate or rates at which it is levied and the steepness of the progression. The net yield to the Revenue depends very much on the extent to which it replaces other taxes, in particular taxes on income. The number of permutations and combinations is almost infinite. The Swedes have developed a valuation structure which utilizes the same procedure for various taxes. This is an essential principle for any wealth tax which is not to be inordinately costly to administer or inordinately inequitable. Valuation of real property is periodically undertaken for local rates though the valuation used is an assessed annual rather than an assessed capital value.
