Read on Twitter
When a gov is looking for big money, we’re always told it can only come from Income Tax, NICs, VAT
You can tax wealthy if you want, but won’t save you from the ‘hard choices'
That’s not right.
Here’s what we concluded on the Wealth Tax Commission… https://www.ft.com/content/36c35939-c06e-4758-8dcd-711d083f4192
You can tax wealthy if you want, but won’t save you from the ‘hard choices'
That’s not right.
Here’s what we concluded on the Wealth Tax Commission… https://www.ft.com/content/36c35939-c06e-4758-8dcd-711d083f4192
5% one-off wealth tax (paid 1% pa for 5yrs) on net wealth above £1mil per household (couple with £500k each) would raise £260 billion 
If you ‘only’ want to raise £80 billion, you can make that £4mil per household...
2p on basic rate of Income Tax gets you £10bil per year.
If you ‘only’ want to raise £80 billion, you can make that £4mil per household...
2p on basic rate of Income Tax gets you £10bil per year.
If you want to set your own thresholds/rates, you can do it here!
http://taxsimulator.ukwealth.tax/
But first, here’s some facts about how the tax would work…
http://taxsimulator.ukwealth.tax/
But first, here’s some facts about how the tax would work…
1/
Tax is on all UK residents with wealth above threshold
Includes ‘non-doms’ 
And recent emigrants (resident >4 in previous 7yrs)
Tax is on all UK residents with wealth above thresholdIncludes ‘non-doms’ And recent emigrants (resident >4 in previous 7yrs)
2/
Based on net wealth after deducting any debts
Valued at open market value on assessment date
One-off, Covid-special, not-to-be-repeated tax!
Based on net wealth after deducting any debtsValued at open market value on assessment dateOne-off, Covid-special, not-to-be-repeated tax!
3/
Liability fixed when policy is announced
Nothing after that date can help avoid: no point emigrating, offshoring etc
No funny business beforehand either; we thought of the schemes already...
Liability fixed when policy is announcedNothing after that date can help avoid: no point emigrating, offshoring etcNo funny business beforehand either; we thought of the schemes already...
4/ Tax covers *all* assets. Yes, that includes…
House (minus mortgage) – valued by VOA
Pension (yes including DB) – pension provider calculates
Business/shares – prof valuer at company level
House (minus mortgage) – valued by VOAPension (yes including DB) – pension provider calculatesBusiness/shares – prof valuer at company level
5/
Pay in instalments over 5yrs, so 5% tax = 1% per year
Tax on pension pot deferred until state retirement age
For ‘asset-rich-cash-poor’, a statutory deferral scheme
Pay in instalments over 5yrs, so 5% tax = 1% per yearTax on pension pot deferred until state retirement ageFor ‘asset-rich-cash-poor’, a statutory deferral scheme
6/ Would raise big money from those who can afford it & be economically efficent. So what’s the catch?
Hasn’t been done, wishful thinking, won’t work...
We think it would, and wrote 50,000 words about why. Our final report is launched today. Have a read! https://www.ukwealth.tax/
Hasn’t been done, wishful thinking, won’t work...
We think it would, and wrote 50,000 words about why. Our final report is launched today. Have a read! https://www.ukwealth.tax/
