I saw a headline for a one off wealth tax today in a paper and this needs to be challenged. I will not go into the reasons now but most should become apparent whist reading my alternative solution.
First off all a 50% super tax on any assets or capital moved from the jurisdiction of UK tax regulations. This would go on company balance sheets to be payable in five years’ time at a percentage much like student loans.
According to Office for National Statistics the market value of financial and non-financial assets for the UK was 10.4 trillion pounds in 2019.
So next a wealth tax of 0.0004 % in the first year could then be levied. A person who owns a £250,000 house without a mortgage would pay £100 for example.
This should raise £4 billion. HMRC budget could then at best be doubled but in any case the extra resources could be spent tracking down and prosecuting those who evaded the tax in the first round.
It would create like the NHS a service where the brightest and best of our society would be proud to work. HMRC and the public could then see what the next round of tax should be, how it is being evaded, avoided and for whom it would be the fairest to be charged. After say four years we could then see if any of the super tax needs to be payable as some companies would have made legitimate business decisions.
You never know it might be possible to look and see if any other past financial injustices could be rectified. It is likely that over time with a fair and transparent tax system you will get that £100 back but what is certain we cannot blame the EU for injustice in our society anymore.