4 ms·

That's not really the point. 1) Crossrail cost billions 2) Income tax payers in the UK had to pay for that 3) Income tax payers have had enough and don't wan

That's not really the point. 1) Crossrail cost billions 2) Income tax payers in the UK had to pay for that 3) Income tax payers have had enough and don't want to pay for infrastructure that benefits others Those who benefitted the most? The land owners in London who have made billions If the price increases -- the portion solely due to crossrail -- was taxed at 42% like income, then there would be far more money available for useful projects (like crossrail) Therefore the OPs hope ("I hope we see a lot more of these large scale projects") would be answered

dublinben 7y ago
Those who benefit most from Crossrail will be those who will ride it every day. Increased property values around the route is just the visible effect of the benefit of being able to ride it. Secondary benefits will also fall on riders of other lines and street transportation that become less congested by riders diverted to the new Crossrail route.
- isostatic 7y ago
  Majority of people near these stations don't use them. Half of them bought their houses for 2 years salary in the 70s and are now retired on a final salary pension with more money after tax and housing than people on 70k a year (or perhaps they rent out those houses and look forward to the higher income that crossrail will let them charge - in addition to the land value increase)
londons_explore 7y ago
> If the price increases -- the portion solely due to crossrail -- was taxed at 42% like income, Not 42%, but most properties will attract capital gains tax when sold.
- arethuza 7y ago
  Won't they be paying Stamp Duty?
  - AdamGibbins 7y ago
    You pay stamp duty land tax (SDLT) on the purchase of land or property, not sale.
    - arethuza 7y ago
      But for every sale there is going to be a purchaser so the tax is going to get paid whether it is the seller or purchaser paying.
      - AdamGibbins 7y ago
        Sure, but arguably thats penalising the wrong party. Also depends on who purchases, if you're a first time buyer you get significantly reduced stamp duty for example.
- twic 7y ago
  You only pay CGT on a house if it's not your main residence - that is, if it's an investment rather than a home. There certainly are plenty of landlords in London, but i suspect that in the areas where Crossrail is increasing prices, it's mostly homeowners.
C1sc0cat 7y ago
You know that taxation from London supports the regions along with EU money which is ironic considering that areas that are net beneficiaries from the EU (and have less immigrants) voted leave.
crispyporkbites 7y ago
> Income tax payers have had enough and don't want to pay for infrastructure that benefits others Had enough? What does that mean exactly? The people who will benefit from crossrail the most are the main income tax payers who go to work every day on the tube. Salaries in London are 2-3x higher than outside and income tax gets disproportionately higher the more you earn. Can you imagine if the tube was never built because it would benefit rich landowners in London more than other people?
- pjc50 7y ago
  Large parts of the Tube and UK rail network were built privately before the 20th century. Most of them lost money and consolidated before nationalisation.
  - isostatic 7y ago
    Quite. The metropolitan railway was funded buy buying cheap land, building rail to it, then profiting from the increase in that value. That no longer happens.
- isostatic 7y ago
  I can imagine if rich landowners in London had to pay for the society that gives their assets value.
tim333 7y ago
I'm an income tax payer in the UK and don't mind a reasonable percentage of that going to infrastructure. I've suffered being stuffed sardine style into the central line often enough to think Crossrail makes sense. Also with interest rates close to zero it makes financial sense for the government to borrow to build this sort of stuff. (The interest rate on 15 year bonds is 0.86% per year currently). That said I can see the argument for a property improvement tax but it would be messy to figure out - London projects effect huge swathes of property in differing ways.
blibble 7y ago
if you bother to look at the funding you'll see something like 40% comes from increased business rates in the areas expected to benefit, plus loans which will be repaid from ticket revenues from the new line
deleted 7y ago
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dublinben 7y ago

Those who benefit most from Crossrail will be those who will ride it every day. Increased property values around the route is just the visible effect of the benefit of being able to ride it. Secondary benefits will also fall on riders of other lines and street transportation that become less congested by riders diverted to the new Crossrail route.

isostatic 7y ago
Majority of people near these stations don't use them. Half of them bought their houses for 2 years salary in the 70s and are now retired on a final salary pension with more money after tax and housing than people on 70k a year (or perhaps they rent out those houses and look forward to the higher income that crossrail will let them charge - in addition to the land value increase)

londons_explore 7y ago

> If the price increases -- the portion solely due to crossrail -- was taxed at 42% like income, Not 42%, but most properties will attract capital gains tax when sold.

arethuza 7y ago
Won't they be paying Stamp Duty?
- AdamGibbins 7y ago
  You pay stamp duty land tax (SDLT) on the purchase of land or property, not sale.
  - arethuza 7y ago
    But for every sale there is going to be a purchaser so the tax is going to get paid whether it is the seller or purchaser paying.
    - AdamGibbins 7y ago
      Sure, but arguably thats penalising the wrong party. Also depends on who purchases, if you're a first time buyer you get significantly reduced stamp duty for example.
twic 7y ago
You only pay CGT on a house if it's not your main residence - that is, if it's an investment rather than a home. There certainly are plenty of landlords in London, but i suspect that in the areas where Crossrail is increasing prices, it's mostly homeowners.

C1sc0cat 7y ago

You know that taxation from London supports the regions along with EU money which is ironic considering that areas that are net beneficiaries from the EU (and have less immigrants) voted leave.

crispyporkbites 7y ago

> Income tax payers have had enough and don't want to pay for infrastructure that benefits others Had enough? What does that mean exactly? The people who will benefit from crossrail the most are the main income tax payers who go to work every day on the tube. Salaries in London are 2-3x higher than outside and income tax gets disproportionately higher the more you earn. Can you imagine if the tube was never built because it would benefit rich landowners in London more than other people?

pjc50 7y ago
Large parts of the Tube and UK rail network were built privately before the 20th century. Most of them lost money and consolidated before nationalisation.
- isostatic 7y ago
  Quite. The metropolitan railway was funded buy buying cheap land, building rail to it, then profiting from the increase in that value. That no longer happens.
isostatic 7y ago
I can imagine if rich landowners in London had to pay for the society that gives their assets value.

tim333 7y ago

I'm an income tax payer in the UK and don't mind a reasonable percentage of that going to infrastructure. I've suffered being stuffed sardine style into the central line often enough to think Crossrail makes sense. Also with interest rates close to zero it makes financial sense for the government to borrow to build this sort of stuff. (The interest rate on 15 year bonds is 0.86% per year currently). That said I can see the argument for a property improvement tax but it would be messy to figure out - London projects effect huge swathes of property in differing ways.

blibble 7y ago

if you bother to look at the funding you'll see something like 40% comes from increased business rates in the areas expected to benefit, plus loans which will be repaid from ticket revenues from the new line

deleted 7y ago

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