Calls from the Wealth Tax Commission – a body of tax specialists and academics – for a one-off tax raid on 'millionaires' that could raise £260 billion has been met with a mixed reaction from the UK private client sector.
Research by the team of over 50 international specialists on tax policy and practice recommended that a one-off wealth tax would be paid by any UK resident (including 'non-doms' and recent emigrants) with personal wealth above a set threshold, would include all assets such as main homes and pension pots, as well as business and financial wealth, but minus any debts such as mortgages, and would be payable in instalments over five years.
Rebecca Fisher comments in ePrivateClient that any tax changes should be fair and proportionate as the top one percent of income taxpayers will already contribute 29 percent of all income tax in 2019-20.
Sector raises concerns that one-off UK wealth tax could push thousands in to debt is available to read on the ePrivateClient website via subscription.
Rebecca is a partner in the private client group advising families and individuals on all aspects of private client law including wills, estate planning, administration of estates, trusts and powers of attorney.
She regularly advises clients including entrepreneurs, business owners and multi-generational family businesses on succession planning, with particular focus on inheritance tax and capital gains tax planning. Rebecca fully understands the unique challenges that family businesses face.