Hmm, this one seems to be gaining some traction (to use an expression you never hear outside a management Zoom meeting). The suggestions range from a 1% to a 5% to a Corybnista 10% one-off tax on assets above £2m/£1m/£550k…your definition of wealthy usually depends on your personal starting point. The sums add up, it could pay for Covid, but it probably won’t happen because it would be a nightmare to both define and collect. And the wealthiest would, of course, be best placed to dodge it. In reality, it’s the squeezed middle who’d be squeezed, to quote Dennis Healey (kids etc.) ‘until the pips squeak’.
“HMRC scraps plans to tax pensions after death”
A couple of other Statement Highlights (in my world, anyway). A welcome ‘nothing happened’ on the treatment of pensions on death. They were never going to be liable to IHT (too complicated with trusts and trust law) but there was talk of making them income-taxable on the recipients at whatever age you die.
