What will happen to wealth taxes? October 30, 2024 The Chancellor is considering a range of tax hikes on wealth, but questions remain over how much revenue she can raise, says Nick Pheasey The taxation of an individual’s wealth can be an emotive subject. Broadly, the UK imposes tax on wealth on two occasions. First, as it is generated, by income tax or capital gains [...]
Wealth tax ‘could cost the UK £100bn in 10 years’ October 29, 2024 The UK is especially vulnerable to the ill effects of a wealth tax and could suffer a near £100bn hit to its GDP in a decade were one introduced, a paper out today has argued. A two per cent tax applied to those with a net wealth of £10m would incur a 0.4 per cent [...]
Labour MP defends Chancellor’s decision to rule out wealth tax October 5, 2024 One of the rising stars of the new intake of Labour MPs has defended Chancellor Rachel Reeves’ decision to rule out a wealth tax against the richest. Torsten Bell, a former Treasury official and chief executive of the economic think tank Resolution Foundation, said a wealth tax would not raise “significant revenues”. Reeves has previously [...]
The ultra rich exodus has made an exit tax tempting. Would it work? September 25, 2024 Millionaires are leaving the UK in record numbers, prompting the Resolution Foundation, an influential left-wing think tank, to propose an exit tax.
Are the super-rich running out of road? September 4, 2024 As more western governments look at ways to increase taxes for the ultra-rich, Ali Lyon asks whether it will work
CBI: Roadmap needed as firms struggle amid rising wealth tax rumours August 29, 2024 Publishing a long-term tax roadmap would address the “confidence shortfall” among UK firms, the Confederation for British Industry (CBI) has urged the government, amid swirling rumours of a wealth tax. Businesses are facing “cost pressures” and “middling conditions” and in need of a “major boost to confidence”, the CBI has said, following hints from Sir [...]
Average Northerner to be £210,000 less wealthy as Labour urged to reform taxes amid fears of autumn raid grow August 29, 2024 New analysis from the Institute for Public Policy Research (IPPR) showed that the UK's tax regime is "driving regional inequalities" by taxing wealth and income at different levels.
Election 2024: ‘Wealth creation’ top Labour priority despite higher tax call June 3, 2024 Labour has been urged to bring in “higher taxes on wealth” in a bid to raise revenue - despite Sir Keir Starmer insisting his priority is “wealth creation”.
The Notebook: Afraid of the big bad wealth tax? You shouldn’t be April 10, 2024 Neil Bennett, global co-CEO of H/Advisors, takes the Notebook pen to talk wealth taxes, the ONS, and why history's the new rock and roll.
Safe as houses: is it time to introduce a wealth tax? March 30, 2024 Wages in the UK have flatlined since the financial crisis of 2008. Yet in that time, the country’s richest 1000 families have seen the value of their assets triple. Should we think more seriously—and progressively—about the way we tax wealth?