Higher taxes on the UK’s biggest polluters such as fossil fuel companies, frequent fliers and super yacht owners could have raised up to £12.6bn last year, claims Oxfam
Revenue raising measures could include a redesigned excess profits tax on fossil fuel companies; redirecting fossil fuel subsidies; a frequent flyer levy and new taxes on the use of private jets and superyachts. It also proposes ringfencing 20% of a new wealth tax proceeds for net zero support. which could raise between £4.4bn and £10.5bn a year.
Oxfam said a UK Frequent Flyer Levy could raise an additional £4.09bn in a single year, citing estimates from New Economics Foundation that just 15% of people in the UK take 70% of all flights. Aviation emissions account for around 7% of the UK’s greenhouse gas emissions and in 2018, were 88% above 1990 levels.
The current air passenger duty could be changed to a progressive tax so occasional fliers could pay less tax as a result.
