ABOUT A ONE-OFF WEALTH TAX:
A one-off wealth tax is a tax on a person’s net wealth (all assets minus all debts) assessed at a single point in time, but payable over a number of years. The tax would be levied only on the amount of wealth that is above the threshold. One-off taxes have been used after major crises before, including in France, Germany and Japan after the Second World War and in Ireland after the Global Financial Crisis. At individual thresholds of £500,000, £1 million and £2 million a wealth tax would respectively cover 17%, 6%, and 1% of the adult population.
ABOUT THE WEALTH TAX COMMISSION:
Xổ số miền bắc thứ 6 hàng tuầnThe Wealth Tax Commission was founded in April 2020 to study whether a wealth tax for the UK would be desirable and deliverable. It commissioned a network of over fifty international experts on tax policy – including academics, policymakers and tax practitioners – to contribute evidence on this issue.
Xổ số miền bắc thứ 6 hàng tuầnContributors to the Commission included economists from Institute for Fiscal Studies, Resolution Foundation, Institute for Government and the OECD. Evidence was also received from tax practitioners and policymakers including the former head of HMRC.
Xổ số miền bắc thứ 6 hàng tuầnThe Commissioners’ final report is independent and does not necessarily represent the views of contributors. The evidence that the Commissioners used to prepare their final report was published in October 2020 at , providing the largest repository of evidence on wealth taxes globally to date. It comprises half a million words across more than thirty papers, covering all aspects of wealth tax design – both principle and practice.
Dr Arun Advani, Professor Emma Chamberlain and Dr Andy Summers, the Commissioners, are members of the International Inequalities Institute’s Wealth, Elites and Tax Justice research theme.
Xổ số miền bắc thứ 6 hàng tuầnThe Wealth Tax Commission was funded by the Economic and Social Research Council (ESRC) through CAGE at Warwick (ES/L011719/1) and a COVID-19 Rapid Response Grant (ES/V012657/1), and by the COVID-19 Rapid Response Fund at LSE's International Inequalities Institute.