As the UK faces the highest tax burden for decades, the introduction of a wealth tax would damage entrepreneurship and force top earners to question their residency, warns Des Hanna, international tax director at Andersen LLP
Since the start of the new tax year, the UK population now suffers one of the highest tax burdens since the end of the second world war. The Conservative government still grapples with trying to balance the books and get the country’s burgeoning debt under control and sees taxes as the primary way of achieving its aims.
The furlough scheme (including the unrecoverable £6bn amount of fraud) and general cost of the pandemic still weighs heavy on the UK (and let’s be honest – most of the countries around the world) and the current Conservative government (and the possible future Labour government) will need to devise cutting-edge tax policy ideas to raise much needed revenue, whilst keeping productivity high and the majority of the electorate on board.
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