Wealth tax – an evasive answer if I ever heard one …

Since the Wealth Tax Commission published its report in December 2020 on the pros and cons of introducing a wealth tax, there has been speculation as to whether this would be one of the levers that the government would seek to shoot to increase revenue. Obviously frustrated by the lack of clarity on the issue, Glasgow North Scottish National Party MP Patrick Grady asked the Chancellor of the Exchequer when he was going to issue a response to Early Day Motion 420 on the introduction of a wealth tax. HM Treasury has now responded with a sufficiently vague response. However, the Treasury’s response attempted to highlight the lack of connection between the Wealth Tax Commission and the government and referred to the incentive of companies to raise funds for public services. This might be the closest we’ll get, so far, to a heavy boot in the tall grass for a UK wealth tax ….

The priority at the moment remains to support employment and the economy. Getting people back to work and encouraging and inducing companies to hire new employees and apprentices ultimately creates the wealth that funds our public services.


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