Mary White has mentioned SVT as part of a strategy for supporting economic activity and mitigating speculation. Her comments were part of a debate on Land and Conveyancing Law Reform, including Labour’s proposed bill on downward rent reviews.
The new windfall tax on the sale of land rezoned after purchase will prevent speculation on land. A site value tax, when implemented by this Government, will also help as it would incentivise development and investment on a site rather than speculation on new lands.
Note that she says ‘when implemented by this Government”