| money changes hands, even though the same economic relationships exists; there are still two owners and two occupiers, 1st mortgage loan the transactions between them no longer go through the market. The amount that would have changed hands had the owner and occupier been different persons is called the imputed rent. The effect of owner occupancy is therefore that the imputed rents disappear from measures of national income and output, unless figures are added to take them into 1st mortgage loan Government loses the opportunity to tax the transaction. Sometimes governments have attempted to tax the imputed rent (Schedule A of the U.K. income tax used to do this), but this tends 1st mortgage loan be unpopular because most people do not understand the concept of imputed rent. In modern economies, variations in the rate of owner occupancy are a good index of the overall wealth of the nation, at least across time within a nation. Between nations, 1st mortgage loan in traditions and in tax regimes make such comparisons hard to interpret. It is widely |
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