Europe stands on the brink of war and a huge amount of money must be raised for defence. The welfare state demands an ever-greater share of the national income. In response, a Left-wing government decides to impose a radical new property tax. It might be assumed these events describe present-day Britain. However, they could just
A wealth tax on the UK’s super-rich households could raise £10bn a year, according to academics who urged Andy Burnham to include the measure in his plans to “make tax fairer” and pay for better public services. The sum could be raised through a 2% minimum charge on households with more than £100m in wealth
Andy Burnham will be dealing with an overflowing in-tray now he is officially in Number 10. The new Prime Minister has already said he will announce plans to ease the cost-of-living crisis which looms large over his premiership. The growing tax burden is also a hot potato as more workers and pensioners are dragged into
Hundreds of savers have been hit with £100,000 tax bills after cashing in their pensions in anticipation of Rachel Reeves’s raid on unspent pots. Nearly 400 taxpayers shelled out at least £98,700 to HMRC after emptying pension pots worth at least £250,000 between October 2024 and March 2025. This was a third more savers than
In this latest episode of Professional Adviser TV, Ranahan explored the prospect of a wealth tax under Burnham’s leadership and the long mooted equalisation of capital gains tax and income tax rates. Ranahan argued in the conversation that any wealth tax is more likely to serve as political cover for broader revenue-raising measures such as
Amid all the expectations as Andy Burnham takes over as Labour leader and the PM on Monday, there are big questions about tax – and who might end up better or worse off under his premiership. He takes over from Sir Keir Starmer with the UK economy having grown faster than any other G7 country
As the inheritance tax (IHT) net captures increasing numbers of family estates, thanks to long-frozen tax thresholds and rising property prices, more and more people are choosing to pass on wealth while they’re still around. But while giving money and assets away can help reduce the size of your estate – and, therefore, the resulting
The key Government pre-budget document, the Summer Economic Statement, is due shortly and is likely to be published next Wednesday, after the Cabinet meeting. By outlining the parameters of the tax and spending measures it will give important indications for Budget 2027 and what it will mean for households. It will also, given the scale
Charlene Young, of investment platform AJ Bell, said: “The figure was revised up 38pc following sticky inflation and interest rates staying higher for longer.” HMRC also estimated that it would bring in £8.2bn in savings interest tax in this tax year. Ms Young attributed the fall to the “rush to use the cash Isa allowance”.
Andy Burnham has signalled that he will not increase wealth taxes immediately after becoming prime minister, easing concerns among the business community but limiting his economic room for manoeuvre. He said on Wednesday he did not want to “create new divisions” with his tax policy, in comments that allies said were a sign that he