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....He also says corporation tax will gradually reduce from 33% to 25%. And a new wealth tax, aimed at the rich, will not apply to financial investments. ... [Read full article on BBC ]
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Latest Finance News related to Wealth Tax

UK government drops plan to raise probate fees image
Source : Guardian [Read Article] Friday 21st of April 2017 08:17:01 AM
....The ministry said the charges were “fair and proportionate”, and that those who could afford to use the courts should make a greater contribution to their overall funding. Political sources suggested on Friday that the level of opposition to the fee increases – in effect a wealth tax – is too great for it to be reintroduced after the election. ...
Young to inherit more but in less equal amounts, says IFS image
Source : BBC [Read Article] Thursday 5th of January 2017 11:05:09 AM
.... . However from this April, the government will start to introduce the Transferable Main Residence Allowance (TMRA), which will allow families to pass on more of their property wealth tax-free. ...
Duke's £9bn inheritance prompts call for tax overhaul image
Source : Guardian [Read Article] Thursday 11th of August 2016 07:40:43 PM
....“Wealth that has become concentrated in the hands of a very small minority. Without some kind of wealth tax those concentrations will simply continue to become greater and greater. ...

If Jeremy Corbyn is the problem, why is Owen Smith so keen to copy him? 
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....He may have been loathe to boil these down to five points - as that is what Tony Blair and Ed Miliband did - but the blizzard of pledges can't hide the fact that his platform is a pale imitation of Corbynism. The man who is meant to set out an alternative to Mr Corbyn shares his desire to reintroduce the 50p top rate of income tax, bring in a wealth tax and reverse the Conservatives' cuts to corporation and inheritance tax. ...

Labour leadership contest: Owen Smith says party should ‘smash Theresa May back on her heels’
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....He warned that the Tories would “flood” into the political space being vacated by Labour under Mr Corbyn unless there is a change in leadership. Mr Smith pledged to reinstate the 50p income tax rate, reverse the inheritance tax cuts, ban zero hours contracts and introduce a 1 per cent wealth tax in an attempt to win over Mr Corbyn’s supporters. ...
Make UK super-rich pay one-off wealth tax, says Fabian Society image
Source : Guardian [Read Article] Sunday 12th of June 2016 03:47:49 PM
....The Fabian Society said the British tax authority, HMRC, could target the richest holders of “passive, unearned wealth” to bring in extra cash, but that the rate at which the tax was charged should be left to the government of the day. Difficulties in estimating the extent of assets the super-rich hold also prevent supporters of a wealth tax judging how much a levy would raise, it said, following HMRC’s failure to publish data on the wealth of Britain’s top 1%. ...
IFS predicts future capital gains tax cuts will favour the rich image
Source : Guardian [Read Article] Wednesday 13th of April 2016 08:56:06 PM
....Stasavage, author of a study of taxes on the wealthy, Taxing the Rich, said the recent cut in capital gains tax brought in by George Osborne would also be uncontested by a public that views it as a technical change. The few wealth taxes applied in Britain and the US would also stay the same or be reduced, he said, as the baby boomer generation sought to keep wealth it accumulated in the form of property and pensions. ...
We must be careful not to lose what made us great image
Source : Telegraph [Read Article] Thursday 26th of November 2015 08:45:34 PM
.... There were times, of course, when some of this seemed truly at risk: the 1970s saw hyperinflation, confiscatory taxation and trade unions that were above the law; and the IRA terrorist attacks in particular frightened many investors in the 1980s and 1990s. But we’ve never really had a wealth tax, and even at the height of our past episodes of socialist madness contracts were still enforced by the authorities. ...
The 14 year inheritance tax rule you've never heard of image
Source : Telegraph [Read Article] Saturday 17th of October 2015 06:35:44 AM
.... . Everyone is currently entitled to pass on £325,000 of wealth tax free, regardless of whether or not they own a property. ...
Italy budget: Renzi risks Brussels battle image
Source : Guardian [Read Article] Thursday 15th of October 2015 05:05:11 PM
....Putting forward a budget for next year on the last day of a deadline set by the EU commission, Renzi said €5bn (£3. 7bn) of tax cuts would include the abolition of a wealth tax on the main residence of all Italians, worth around €200 a year to most homeowners. ...
Inheritance tax bills up 3pc to £170,000 image
Source : Telegraph [Read Article] Wednesday 14th of October 2015 05:05:28 AM
We weren't married and my partner died suddenly. Will I have access to her family home IHT allowance?'  image
.... . Everyone is currently entitled to pass on £325,000 of wealth tax free, regardless of whether or not they own a property. ...
John McDonnell's economics: Milibandism freed from New Labour image
Source : Guardian [Read Article] Tuesday 15th of September 2015 05:34:33 PM
....So when it comes to concrete policy, McDonnell’s approach is likely to be Milibandism liberated from the New Labour dread of alarming Britain’s boardrooms. Widespread renationalisation is back on the agenda; so is a much more progressive tax system, including exploring the potential for a wealth tax, as recommended by the French economist Thomas Piketty, and the repeal of George Osborne’s planned corporation tax cuts. ...
New inheritance tax perk: the seven key questions image
Source : Telegraph [Read Article] Tuesday 4th of August 2015 06:12:34 AM
.... . Everyone is currently entitled to pass on £325,000 of wealth tax free, regardless of whether or not they own a property. ...
Source : Independent [Read Article] Friday 24th of July 2015 10:31:30 PM
.... Co-payment schemes for government services, means testing, user-pays surcharges and special levies are already evident. “New old” taxes – such as wealth taxes and death duties – will be considered. ...
Scandinavia’s errors: lessons for Greece and Britain image
Source : Telegraph [Read Article] Thursday 2nd of July 2015 08:59:29 PM
.... It demolishes the myth that Scandinavian social-democracy worked, and argues that in fact those countries did well until they embraced the model for which they are now famous in the 1970s. What is still insufficiently appreciated is that the big government failed so badly that it has been partly reversed, with public spending slashed as a share of GDP, wealth taxes axed and many other reforms introduced. ...
The economic case against austerity in the UK is overwhelming. So where’s the left’s challenge? | Letters image
.... Is there any chance that any of the candidates for Labour leader might back the economists? Larry Elliott lists 15 measures that together would reverse the slide to inequality and destructive wealth extraction we have seen since 1980 or so. The simplest include making a living wage the minimum wage; a regularly updated and progressive property tax; a wealth tax; and a 65% top rate of income tax. ...
So much for trickle down: only bold reforms will tackle inequality image
Source : Guardian [Read Article] Sunday 21st of June 2015 11:20:55 AM
....A new book by the economist Tony Atkinson gives the lie to the argument that in a global economy nothing can be done about inequality. He lists 15 separate proposals for the UK, including guaranteed public employment; a minimum wage set at the level of a living wage; a minimum inheritance when a child reaches adulthood; the creation of a sovereign wealth fund that would increase the net worth of the state by taking stakes in companies and property; a universal basic income; the replacement of council tax with a regularly updated and progressive property tax; a wealth tax; and a 65% top rate of income tax. ...
The top 1pc are not the super-rich, they are companies – so why would you want to punish them?  image
.... . But if that is true, surely it changes the debate about inequality? To the likes of Piketty, we need very high wealth taxes to try to level out the widening gap between the mega-rich and the rest of society. ...
.... The Chancellor said he would rather have that challenge ahead than one of mass unemployment. As Labour rebuilds bridges, Mr Osborne has the chance to prove, through investing in areas such as infrastructure and skills, that workers can have it all – without the punitive wealth taxes that Mr Stiglitz might advocate. ...
Oligarchs face higher bills as sterling surge hits luxury London properties image
.... The second type of buyer is a strategic investor in search of a comparatively stable political and economic environment, with few legal restrictions, a long history of price inflation and further potential capital growth . “They may even use it to escape from domestic wealth taxes,” said Investec’s Mr Glynne-Percy. ...
Thomas Piketty to investigate inequality in new role at LSE image
Source : Guardian [Read Article] Thursday 14th of May 2015 02:27:39 PM
....Piketty’s book said the level of inequality in the west had returned to levels seen in the late 19th century and was likely to become even more pronounced because wealth would grow more quickly than national output. He argued for a global wealth tax to counteract the trend. ...
Labour under renewed attack from business leaders image
Source : Telegraph [Read Article] Tuesday 5th of May 2015 07:30:44 PM
.... . “A return to a 50p top rate, or property taxes that look little more than wealth taxes, must recognise that high rates risk diminishing both growth and long-term revenues,” the letter says. ...
Business leaders issue last-ditch warning against Labour image
Source : Telegraph [Read Article] Sunday 3rd of May 2015 08:00:43 PM
.... . With just days left until the most closely fought election battle in history, an influential group of FSTE chief executives, senior business figures, and academics, says the wealth taxes Labour plans to introduce threaten to harm Britain’s economic interests. ...
Let us applaud Sturgeon and Bennett’s input, but not give them our vote image
.... The IFS has questioned Labour’s ambition to raise £7. 5bn from a crackdown on tax evasion; the Greens would bank on making £30bn from this – in addition to the £25bn a year they would hope to raise by the end of the parliament from a new wealth tax. ...
Green party launches manifesto aimed at ending 'disastrous policy of austerity' image
.... The party said this would be funded by savings, such as cancelling the replacement for Trident, and new taxes, mainly aimed at the wealthy. The calculations include an ambitious £30bn a year by 2019 from crackdowns on tax avoidance and evasion, and £25bn from a 2% annual wealth tax on those whose assets are worth a combined £3m or more. ...
Guy Hands: a Labour/SNP government would be best for renewable energy image
....Hands, who became a tax exile when he moved to Guernsey in 2009, said rich UK residents were used to paying property taxes, which are common in other countries. “My personal view is they would be happy to pay a mansion tax,” he said, although he said a wealth tax would have “a very, very negative effect”. ...
Budget 2015: Let's hope the Chancellor has one or two rabbits under his hat image
.... Both of these are very sensible ideas; and in these (rare) cases the Lib Dem influence has been positive. But the proposal to allow parents to pass on a £1m home inheritance-tax free will be a Tory idea, in the manifesto rather than Budget, as the Lib Dems like inheritance and other wealth taxes. ...
Eurozone leaders believe Syriza must fail and be seen to fail image
Source : Telegraph [Read Article] Wednesday 11th of February 2015 03:28:04 PM
.... Yet Syriza’s policies would be anything but ideal. It would nationalise the banks and many other industries, print money to cover public spending, overthrow property rights and impose wealth taxes in a desperate attempt to obtain revenue, and many other crazy things. ...
Global debts rise $57tn since crash image
Source : BBC [Read Article] Thursday 5th of February 2015 12:26:25 AM
.... . That means, McKinsey says, that useful reductions in public sector indebtedness may require sales of assets (privatisations), higher or one-off wealth taxes, a more permissive approach to inflation (since debt becomes more affordable when nominal incomes rise) and "more efficient programmes of debt restructuring". ...
Why merging BP and Shell would make little sense image
Source : Telegraph [Read Article] Saturday 3rd of January 2015 08:30:53 PM
.... None the less, he did this for the very practical reason that predictably, it wasn’t raising any money. What makes Piketty believe “global wealth taxes” would do any better is a mystery to all but himself. ...
Can Europe learn anything from America's economic resurgence? image
Source : Telegraph [Read Article] Friday 2nd of January 2015 06:00:36 AM
. Of all the bad or simply inconsequential ideas to have gained traction over the past year – global wealth taxes, the caliphate, conscious uncoupling and so on – one of the silliest is that of “secular stagnation”. ...
We’ve become more like Singapore or Hong Kong but for the wrong reason image
Source : Telegraph [Read Article] Thursday 4th of December 2014 08:53:53 PM
.... But at a stroke it would destroy the invaluable certainty of the UK legal system, turning freehold assets into leasehold ones. More general wealth taxes, as used to exist in Sweden and still do in France, are even worse, of course. ...
Wealth is good - and the UK has lots of it image
Source : Telegraph [Read Article] Tuesday 25th of November 2014 12:11:52 AM
.... The third point is that there are far fewer wealthy people in countries such as France, where entrepreneurship is discouraged and hard work legislated against (with absurdly low caps on the permissible working week). France only hosts 4,750 ultra high net wealth individuals: many have been chased away by the country’s inane wealth tax. ...
Oxfam wants a billionaire wealth tax - is it feasible? image
Source : Guardian [Read Article] Thursday 30th of October 2014 10:51:42 AM
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The wealth tax: a tax on the 'rich’  that cripples the poor image
Source : Telegraph [Read Article] Sunday 26th of October 2014 07:05:57 AM
.... Down the road, one of René Allier’s equally fat‑cat neighbours set off in his ancient boat to catch some fish. If he managed to sell them on his market stall, he might make enough to pay his wealth tax. ...
Want a more equal society? Build more houses and cut taxes image
Source : Telegraph [Read Article] Monday 6th of October 2014 06:04:14 PM
.... Many of those taxes are explicitly aimed at re-distributing wealth. France has a wealth tax that kicks in at €800,000 (£625,000) of assets. ...
Being RBS chairman is tough, but someone's got to do it image
Source : Guardian [Read Article] Saturday 27th of September 2014 11:05:05 PM
.... He adroitly demolishes the myth that most of the 1% have come from humble origins, identifying instead how wealth has concentrated into ever fewer hands in the Anglo-Saxon economies in particular. His vision of a global wealth tax is directly aimed not so much at the 1% but the 0. ...
Why Labour’s Mansion Tax shows that it has lost touch with financial reality image
Source : Telegraph [Read Article] Tuesday 23rd of September 2014 07:58:19 PM
.... It is to avoid falling into these sorts of traps that taxes in this country have traditionally been based on transactions; the state gets a cut when people get paid, buy something, earn a profit or sell an asset. Of course, under a wealth tax, which targets stocks rather than flows, it might be possible for those with a liquidity issue to remortgage or extract equity in other ways from their homes, but they would then face having to pay punitive rates of interest to borrow money that they shouldn’t be having to hand over to the state in the first place. ...
Santander chairman Emilio Botín dies aged 79 image
Source : Guardian [Read Article] Wednesday 10th of September 2014 09:23:59 AM
.... He was a great ambassador for the Spanish brand", Rajoy told reporters, according to Reuters. Only three years ago Botín and 11 relatives had been investigated about possible income and wealth tax evasion focusing on accounts the family held in Switzerland. ...
Green party to call for £10 minimum wage for all by 2020 image
Source : Guardian [Read Article] Thursday 4th of September 2014 09:15:01 PM
...."The fact that the Green party are consistently polling at some of our best numbers since 1989 goes to show that our message of the need to reshape our politics and economy to work for the common good is really hitting home. "It is our policies such as making the minimum wage a living wage, a wealth tax on the top 1%, re-nationalising our railways and having a publicly owned and run NHS that are both encouraging people to join as members and vote Green in growing numbers. ...
Why Francois Hollande’s France has become the eurozone’s weak link image
Source : Telegraph [Read Article] Thursday 14th of August 2014 09:02:02 PM
.... Mr Hollande’s tax, spend and regulatory policies have been the worst of any French administration since the early 1980s, when Francois Mitterrand’s socialist-communist coalition almost bankrupted the country. The wealth tax has gone up, chasing away ever-greater numbers of successful French entrepreneurs, executives and investors, with many moving to London. ...
The rich want us to believe their wealth is good for us all image
Source : Guardian [Read Article] Tuesday 29th of July 2014 07:30:09 PM
....But there is another party, which seems to have discovered the fire and passion that moved Labour so long ago: the Greens. Last week they revealed that their manifesto for the general election will propose a living wage, the renationalisation of the railways, a maximum pay ratio (no executive should receive more than 10 times the salary of the lowest-paid worker) and, at the heart of their reforms, a wealth tax of the kind Piketty recommends. ...
With mansion taxes, another housing bust becomes inevitable image
Source : Telegraph [Read Article] Monday 14th of July 2014 07:36:25 PM
.... The trouble is that not only are such taxes manifestly unfair, they also don’t work. Even if you think plugging fiscal gaps by taxing more, rather than spending less, is a good idea, property and other forms of wealth tax are most unlikely to do the trick. ...
Real threat to a UK recovery image
Source : Telegraph [Read Article] Saturday 12th of July 2014 05:00:45 PM
.... . He is committed to retracting the proposed reduction in corporation tax, increasing personal rates of income tax to 50pc, introducing a form of wealth tax (the mansion tax) on large numbers of homeowners, a price freeze on utilities, a potential break up of the utility industry, a further round of bank restructuring, renationalisation of the railways and sequestration of development land. ...
US accused of 'starving' European banks with heavy fines image
Source : Telegraph [Read Article] Friday 11th of July 2014 01:20:14 PM
. French and German banking chiefs have accused the US of deliberately undermining the European banking system with BNP-Paribas-style fines and lax foreign wealth taxes. ...
The best of capitalism is over for rich countries and for the poor ones it will be over by 2060 image
.... The report points out that, with the polarisation between high and low incomes, we will have to move – as Thomas Piketty suggests – to taxes on wealth. The problem here, the OECD points out, is that assets – whether they be a star racehorse, a secret bank account or the copyright on a brand's logo – tend to be intangible and therefore held in jurisdictions dedicated to avoiding wealth taxes. ...
The European debt wish image
Source : Guardian [Read Article] Monday 7th of July 2014 10:29:50 AM
.... In general, neither pure austerity nor crude Keynesian stimulus can help countries escape high-debt traps. Throughout history, other measures, including debt rescheduling, inflation, and various forms of wealth taxation (such as financial repression), have typically played a significant role. ...
How much of what we have do we actually own? image
Source : Telegraph [Read Article] Tuesday 24th of June 2014 04:33:05 PM
.... There are constraints on the use of property, such as equalities legislation. There are debates about the taxation of property, such as wealth taxes, and the distribution (or redistribution) of property. ...
UK needs its unions to avoid joining US in stagnating real wages mire image
.... The left of centre thinktank the IPPR has just published its strategy for national renewal which has no mention of unions in its 280 pages. Thomas Piketty, best-selling author, calls for a 75% wealth tax but neglects to say how it might be achieved. ...
One of the most destructive taxes of the past 40 years could soon be axed image
.... It seems that Danny Alexander, the boyish Lib Dem chief secretary to the Treasury, has finally come of age. His decision to ditch his party’s commitment to a wealth tax on expensive properties – the infamous mansion tax – and to replace it instead by additional council tax-style bands, represents one of the bravest policy reversals of recent years. ...
Mansion tax: London would pay 90pc of £1.2bn bill image
Source : Telegraph [Read Article] Wednesday 9th of April 2014 11:45:00 AM
.... Labour and Lib Dems got 'mansion tax' wrong . No wealth tax on my watch, says PM . ...

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