"The analysis, published by the Institute of Economic Affairs, argues that when property taxes, inheritance tax, stamp duty and capital gains tax are combined, the UK raises a larger share of GDP from wealth and wealth-related taxation than any other OECD country."
"Proposals for a wealth tax would effectively layer a new charge on top of an already extensive system of asset-based taxation, rather than replacing or simplifying existing measures."
"Current proposals typically focus on individuals with wealth above £10 million, a group estimated at around 32,000 households in the UK, contrasting sharply with France's former wealth tax, which applied to more than 360,000 taxpayers."
"Concentrating liability on a relatively small group would increase incentives for tax planning, asset restructuring and relocation, potentially eroding the expected yield over time."
The UK taxes wealth more heavily than any other advanced economy, raising concerns about introducing a new wealth tax. The Institute of Economic Affairs' analysis shows that when combining various taxes, the UK collects a larger share of GDP from wealth taxation than any OECD country. Proposals for a wealth tax would add to an already extensive system rather than simplify it. The paper also highlights potential issues with revenue sustainability and tax planning among high net worth individuals targeted by such a tax.
Read at London Business News | Londonlovesbusiness.com
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