I've seen some wacko tax proposals in my time but the Land Value Tax as proposed by the Bow Group yesterday has to rank as one of the most muddled and ill thought out. It's not even what it says on the tin. It's not a LVT, it's a HVT, a House Value Tax. It seeks to replace Council Tax, Inheritance Tax, Stamp Duty and several more besides by a 1 per cent tax on the value of a house. Barking mad. Like the LibDems' Local Income Tax, it's middle class families who would be stung by this proposal, especially those in London and the South East. If these proposals we're even given the remotest consideration by the Party I have a simple message to Conservative candidates standing in marginal seats. Don't bother. Thankfully George Osborne is far too sensible.