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Tax Justice UK proposes wealth tax to raise £37 billion – Fionnuala Lynch comments for EPrivateClient

The government could raise up to £37 billion in taxes on wealth, according to Tax Justice UK.

There was constant speculation before the last three Budgets that many of Tax Justice UK’s recommendations, such as aligning capital gains tax and income tax rates, would be introduced.  Similarly, the reform of Inheritance Tax was the subject of government consultation and was expected to change in the last few Budgets.  Rishi Sunak is more likely to reform these taxes rather than introduce a drastic measure such as an annual wealth tax.

Fionnuala said a reform on taxes such as CGT, Income Tax, and IHT are more likely than the introduction of a “drastic” measure like an annual wealth tax.

“Like he [Rishi Sunak] did with Covid, he will take a holistic approach and will weigh up both the tax revenue raised and the impact on
the nation’s economic well-being.”

This commentary was first published by EPrivateClient and the full article can be found by clicking here