Inheritance tax ‘should be abolished’ Johnson and Sunak amid wealth tax hike fears

inheritance tax should be abolished johnson and sunak amid wealth tax hike fears

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.

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