Shifting the burden of tax from Labour to land would actually hold down the price of housing and commercial space, because rental value that is taxed would not be recycled into new mortgages.

The asset is a hybrid of bond-like cash flow from rental income and equity-like gains from rises in value.

If, for example, as part of the rent, your tenant agrees to maintain the gardens and pool, you must show the value of these services as rental income.