Wealth tax played down

Posted on 20 Jan 2014
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Sunak plays down wealth tax talk Chancellor Rishi Sunak has suggested that a one-off wealth tax may not be his preferred option as the UK looks to rebalance the books in the wake of the coronavirus crisis. With the Wealth Tax Commission having proposed a 1% tax on those with personal wealth of more than £500,000 - which would be spread over five years, Mr Sunak has addressed the matter in an interview with the Spectator. Responding to the suggestion that a one-time wealth tax did not sound like a Conservative policy, the Chancellor said: “I think that’s right, in the sense that we’re a party that believes in aspiration. Actually, we should be celebrating aspiration.” Mr Sunak did note, however, that he is yet to read the Wealth Tax Commission report. While the commission says such a levy would raise £260bn, the Telegraph highlights that critics have warned it would punish asset-rich, cash poor families and could force some people to sell their homes.

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