A 2% tax on UK rich list families could raise 22bn a year

Logo The GuardianThe Guardian
2023-05-29 07:01:11  • 4 mins

A modest wealth tax on the richest 350 families in the UK could raise more than 20bn a year enough to fund the construction of 145,000 new affordable homes a year according to research by fairer taxation campaigners.

A 2% tax on assets above 10m held by all members of the Sunday Times rich list could raise as much as 22bn, according to analysis by Tax Justice UK, the Economic Change Unit and the New Economics Foundation (NEF).

The campaigners said similar wealth taxes in Norway, Spain and Switzerland had helped to reduce inequality and eased the cost of living crisis for some of the poorest people in those countries. They called on the government to carry out urgent reform of the fundamental unfairness in the tax system which means that income from work is taxed more than income from investments, rent and inheritances.

Lukasz Krebel, economist at NEF thinktank, said: This years rich list shows that at a time when so many of us are struggling with the cost of living, the very wealthiest in society continue to thrive.

Continue read on theguardian.com

UK households are facing an average tax rise of 3,500 a year by the next election, the countrys leading economics thinktank has said the biggest increase...
Logo The GuardianThe Guardian
2023-09-29 05:00:35  • 2 mins
Its been called the most hated tax in Britain - but only four per cent of people pay it. You could be forgiven for thinking inheritance tax is something only...
Logo Daily MailDaily Mail
2023-09-29 16:58:54  • 1 min
Tax grab: Shadow Chancellor Rachel Reeves A tax-raising Labour government could find the nest egg it needs for a bigger state by slapping VAT on goods and...
Logo Daily MailDaily Mail
2023-09-30 20:50:07  • 2 mins
The UKs welfare budget could be cut to pave the way for Tory tax cuts, the chancellor has said ahead of the partys annual conference in Manchester. Though...
Logo The GuardianThe Guardian
2023-09-30 09:01:38  • 2 mins
A senior Treasury minister has defended the governments tax plans after a report warned British households were facing the biggest rise on record. Andrew...
Logo The GuardianThe Guardian
2023-09-29 07:50:25  • 1 min
Chancellor JeremyHunt has claimed that welfare reforms and greater artificial intelligence in the public sector could be the way to end the vicious circle of...
Logo The IndependentThe Independent
2023-09-30 09:19:46  • 2 mins
We all want more money, and if we dont have to work a full-time job to get it, even better! The average national salary across all industries and jobs is...
Logo NasdaqNasdaq
2023-09-30 13:00:28  • 1 min
The process of building wealth, while not easy to do, breaks down into just four steps. In a Sept. 21 Market Insiders e-newsletter published by money expert...
Logo NasdaqNasdaq
2023-09-30 15:00:18  • 1 min
By Joshua Nevett BBC Politics The government is on course to oversee the biggest tax-raising parliament since records began, according to the Institute for...
2023-09-29 00:14:56  • 1 min
The annual amount raised by inheritance tax will rise from 7 billion to 15 billion over the next decade as the hated 'death duty' hits more families, a...
Logo Daily MailDaily Mail
2023-09-27 09:35:32  • 1 min
The current parliament will have presided over the biggest set of tax rises since at least the Second World War, experts have said. By the time of the next...
Logo The IndependentThe Independent
2023-09-29 04:26:52  • 2 mins
Money is like muck, wrote Francis Bacon in 1625. Not good except it be spread. No one accuses the father of the scientific method and British empiricism of...
Logo The GuardianThe Guardian
2023-10-01 05:32:34  • 2 mins
Mohamad Salah is earning 1 MILLION-a-week as a Liverpool player, it has been revealed. According to The Guardian, Salah's adviser and lawyer Ramy Abbas Issa...
Logo TribalfootballTribalfootball
2023-09-30 13:12:04  • 1 min
A fresh tax row has erupted within the Conservative party adding to Rishi Sunak s woes as he prepares for his party conference this weekend. Senior Tories...
Logo The IndependentThe Independent
2023-09-29 11:16:32  • 2 mins
The Trump administration introduced a series of tax cuts that had far-reaching implications for various sectors of the economy, including the housing market....
Logo NasdaqNasdaq
2023-09-30 11:00:18  • 1 min
The next time you receive a raise from your employer, put this money towards savings instead of spending it. In an exclusive GOBankingRates interview with...
Logo NasdaqNasdaq
2023-09-30 22:00:19  • 1 min
By Kevin Peachey Cost of living correspondent Charities are warning of a tough winter ahead for many people's finances despite a drop in domestic energy...
2023-09-30 23:49:19  • 2 mins
With an election looming next year, this year's Tory party conference should be an opportunity for Rishi Sunak 's outfit to show this country just how united...
Logo The IndependentThe Independent
2023-09-30 08:00:41  • 1 min
The Premier League hopes that a radical reshaping of the way they sell their TV rights from 2025 will push annual TV income domestic and overseas combined up...
Logo Daily MailDaily Mail
2023-09-30 21:30:58  • 1 min
Thousands of Britons living abroad who followed 'misleading' Government advice face losing a huge chunk of their pension, financial consultants have warned...
Logo Daily MailDaily Mail
2023-09-30 20:50:10  • 1 min