{"id":21859,"date":"2022-03-10T16:03:00","date_gmt":"2022-03-10T16:03:00","guid":{"rendered":"https:\/\/smh.group\/?p=21859"},"modified":"2023-02-15T13:46:31","modified_gmt":"2023-02-15T13:46:31","slug":"whatever-happened-to-the-wealth-tax","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/whatever-happened-to-the-wealth-tax\/","title":{"rendered":"Whatever happened to the wealth tax?"},"content":{"rendered":"<p><strong>A new wealth tax to counter the cost of the Covid-19 pandemic was the talk of the financial pages not so long ago. Now it has disappeared\u2026 or has it?<\/strong><\/p>\n<p>By the end of 2020, as the huge cost of the Covid-19 pandemic became clear, there was much discussion about the introduction of a wealth tax. It was given added impetus by the publication of a 126-page report from the Wealth Tax Commission, an independent think tank launched in 2020.<\/p>\n<p><strong>Although the Commission did not recommend a specific level of tax, it focused heavily on a one-off tax that:<\/strong><\/p>\n<ul>\n<li>Applied on an individual basis;<\/li>\n<li>Was at a flat rate of 5% on wealth above \u00a3500,000;<\/li>\n<li>Would normally be payable as five annual installments of 1% (plus interest); and, crucially;<\/li>\n<li>Would cover <em>all<\/em> wealth including the value of your home and your pension.<\/li>\n<\/ul>\n<p>The Commission thought that this format would lead to about 8.25 million people paying the new tax, raising a net \u00a3260 billion for the Exchequer \u2013 at the time broadly in line with the estimated cost of the pandemic.<\/p>\n<p>A wealth tax generally polls well with the public, but that is often thought to be because those in favour think it will not affect them. As soon as the home, savings and\/or pension are included in the definition of wealth, enthusiasm starts to fade. The 8.25 million people within the Commission\u2019s proposals is close to double the current number of higher and additional rate taxpayers. To make matters worse, the National Audit Office\u2019s latest estimate (to July 2021) for the total cost of the pandemic is \u00a3370 billion.<\/p>\n<p>The Chancellor has said he is against a wealth tax. However, his two 2021 Budgets will eventually raise tax revenue by nearly \u00a350 billion <em>a year<\/em>, so in the long term the Treasury will be collecting more than the Commission\u2019s one-off proposal would have delivered. Other than on the fringes, the Labour Party has not backed the Commission\u2019s proposals. Instead, it has spoken about increasing taxes <em>on<\/em> wealth \u2013 for example, by bringing capital gains tax rates in line with income tax.<\/p>\n<p>The spectre of a wealth tax seems to have evaporated for now, but tax increases (by stealth or otherwise) \u2013 and the consequent need for tax planning \u2013 have not. Our <a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/taxation-planning\/\">Sheffield <span style=\"text-decoration: underline;\"><strong>tax advisers<\/strong><\/span> <\/a>can help on <strong>0114 266 4432<\/strong> or <span style=\"text-decoration: underline;\"><strong>info@smhca.co.uk<\/strong><\/span><\/p>\n<h6><em>Tax laws can change. The Financial Conduct Authority does not regulate tax advice.\u00a0 <\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>A new wealth tax to counter the cost of the Covid-19 pandemic was the talk of the financial pages not so long ago. Now it has disappeared\u2026 or has it?<\/p>\n","protected":false},"author":4,"featured_media":16744,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[98,77,19,85,14,706],"class_list":["post-21859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-financial-advice","tag-financial-planning","tag-tax","tag-tax-advice","tag-tax-planning","tag-wealth-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Whatever happened to the wealth tax? - Financial Advisers in Sheffield - SMH Group<\/title>\n<meta name=\"description\" content=\"A new wealth tax to counter the cost of the Covid-19 pandemic was the talk of the financial pages not so long ago. 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