Wealth tax rise could raise £174bn to tackle Covid-19, expert says

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Wealth tax rise could raise £174bn to tackle Covid-19, expert says

UK taxes should be central to debate on paying for pandemic, suggests Richard MurphyCoronavirus – latest updatesSee all our coronavirus coverageThe government has the potential to raise up to £174bn a year to help cope with the Covid-19 crisis if it taxed wealth at the same rate as income, a UK tax expert has said.Richard Murphy, a professor in political economy at City University in London, said income was being taxed at almost 10 times the rate of wealth – and that the disparity should be central to any debate about who should pay for the pandemic.Introducing a capital gains tax charge on former main residences passed on after death, with the exception of cohabiting spouses and civil partners and recognised long-term related carers.Equalising the tax rates on income and capital gains.Significantly reducing the annual capital gains tax allowance.Abolishing higher-rate tax reliefs for pension contributions. Continue reading...

Source: Wealth tax rise could raise £174bn to tackle Covid-19, expert says

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