Sumary of Inheritance tax ‘should be abolished’ Johnson and Sunak amid wealth tax hike fears:
- Labour Party leader Sir Keir Starmer is facing increasing pressure to call for a rise in wealth taxes as an alternative to the Government’s National Insurance hike.
- The leader of Britain’s trade unions, Frances O’Grady, declared at the Trade Union Congress (TUC) conference yesterday: “Tax wealth to fund social care.
- ” Her call came on the eve of MPs debating the legislation to enact Prime Minister Boris Johnson’s National Insurance hike ‒ to boost NHS funding and help pay for social care reform in England.
- There might be a case for taxing the capital gains on your first home as well as your second home.
- Capital gains tax is another wealth tax which could be changed.
- There is an annual capital gains tax allowance of £12,300, and the rate you pay depends on whether you are a basic rate or higher rate taxpayer.
- However, reports suggest the Government could align capital gains tax with income tax, which could see the highest rate paid – currently 28 percent on residential property – increase to 45 percent.
- uk that wealth taxes would be the best way to do this, and added it is “likely” capital gains tax will be aligned with income tax.