I got it wrong in my previous article (‘The everyday economy’ Tax Journal 4 September 2024) when I suggested that the Chancellor might implement the plans she proposed as a backbench MP in 2018. I should have known. To raise £20bn why would you embark on a radical overhaul of the wealth tax system by replacing council tax with land tax shifting inheritance tax to a wholesale tax on gifts restricting higher rate pension contribution reliefs and having capital gains tax paid at income tax rates as was proposed in 2018 when you could simply increase employers’ national insurance by 1.2% to raise £25bn and say it is to repair the public finances?
The craft of the Budget is that it produces a radical amount of tax revenue by mostly unradical means. Most of the £40bn tax increase – the highest increase since...
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Home >Articles > Autumn Budget 2024: a tax hike with familiar terrain
Autumn Budget 2024: a tax hike with familiar terrain
I got it wrong in my previous article (‘The everyday economy’ Tax Journal 4 September 2024) when I suggested that the Chancellor might implement the plans she proposed as a backbench MP in 2018. I should have known. To raise £20bn why would you embark on a radical overhaul of the wealth tax system by replacing council tax with land tax shifting inheritance tax to a wholesale tax on gifts restricting higher rate pension contribution reliefs and having capital gains tax paid at income tax rates as was proposed in 2018 when you could simply increase employers’ national insurance by 1.2% to raise £25bn and say it is to repair the public finances?
The craft of the Budget is that it produces a radical amount of tax revenue by mostly unradical means. Most of the £40bn tax increase – the highest increase since...
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