An error occurred while saving the commentPeter Roberts commented
That's certainly a possibility. I run a time bank. That's not the same as the 'TimeBank' the BBC set up - which seems to me to be about conventional volunteering. Our national umbrella organisation is Timebanking UK.
There are 44 time banks in London (although who knows how many will be left after 31st March...) using time as a currency to facilitate skills and knowledge exchanges and build Human and Social Capital. Most of us have not gone down a physical alternative currency routes like the Brixton Pound but keep people's accounts in electronic form.
It's the equality of time that makes it untaxable. As an hour of ironing is of equal value to an hour running the country, the currency can't have a market value.
I go to a Greek island twice a year and my own view is that they don't need timebanking because they still have a strong gift culture and reciprocity is built into almost everything. They even have a word for hospitality to strangers. I'm not sure a gift economy would work too well in London. We aren't already all interrelated in some way, go to the same few schools, share the same religion, culture and language, etc.
If you Google Camden Shares you'll find a clever approach to organisation-to-organisation timebanking to share resources that we hope to spread across north London.