Covid wealth tax proposals 'unlikely' to progress under Tory government

The report, A wealth tax for the UK, from the Wealth Tax Commission outlined proposals which included a potential one-off tax on people who have assets of £500,000. Their assets would include their main home and pension pots, liabilities like mortgages would be decided and then a 1% tax on their total assets would be payable over a five year period. The report said a one-off wealth tax of 5% (over five years) would raise at least £260bn including administration costs. Canada Life tax and estate planning specialist Neil Jones said wealth taxes were seen as "regressive rather than pr...