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BREAKING: government review calls for higher tax rates on income from wealth plus fewer loopholes https://www.gov.uk/government/publications/ots-capital-gains-tax-review-simplifying-by-design
Capital gains - the focus of this review - are taken by a tiny number of very wealthy people. E.g. the current system means that the average person on £10m pays just 21% in tax - less than the rate paid by an average worker. @arunadvaniecon & @Summers_AD https://warwick.ac.uk/fac/soc/economics/research/centres/cage/manage/publications/bn27.2020.pdf
Reform would be very popular. We found that 61% of people (rising to 67% of Conservative voters) want the same rates of tax on income from wealth and income from work https://www.taxjustice.uk/blog/conservative-voters-shift-in-favour-of-tax-rises-under-lockdown
This is a major intervention from the @OTS_UK as politicians start to debate tax reform in the wake of covid. Tax justice means rebalancing the tax system to protect the poorest and ask those with the broadest shoulders to contribute more
The last time capital gains rates were aligned with income tax was under Nigel Lawson. This should have cross-party support
This could raise £90bn over 5 years according to @IPPR https://www.ippr.org/news-and-media/press-releases/slug-1306b49118532fe333771b8f2c1b31d3
