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One-off wealth tax might help fix COVID hit to UK budget: lawmaker
Published 2 months ago
LONDON (Reuters) – A one-off wealth tax might be a way for British finance minister Rishi Sunak to plug the huge hole in the country’s public finances caused by the COVID-19 pandemic, an influential lawmaker said on Monday.
Mel Stride, chair of parliament’s Treasury Committee, said other countries such as France and Switzerland had introduced wealth taxes only to row back on them later.
“I think what might be more promising in terms of effectively raising more tax might be a one-off wealth tax,” Stride told Times Radio.
| UPDATED: 13:06, Fri, Feb 12, 2021
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Chancellor Rishi Sunak is said to be considering a wide range of tax reforms and increases amid the ongoing pandemic and subsequent recession. Ahead of his Budget announcement in March, tax rises are reportedly around the corner, with the self-employed seemingly likely to bear some of the burden. But there are also a number of wealth taxes that could be hiked, according to experts, who warned inheritance tax reforms could lead to bills on gifts. As Yahoo Finance claimed last month, the Potentially Exempt Transfer (PET) regime is set for review
Expensive pensions, chasing investor compensation and Budget speculation begins - here's your weekly heads-up on the financial stories that may have caught your clients' attention over the weekend …