I quote:

“The action is making sure that very high asset wealth is reflected in the tax system in a way that isn’t now, making sure that we continue to crack down very hard on tax avoidance, making sure that tax breaks don’t go disproportionately to people at the very top.”

As I said yesterday, I am very sceptical about the value of, and justification for, a wealth tax in the UK, unless it is going to be a replacement for inheritance tax, or, as I suggested yesterday, a tax for which credit is given against inheritance tax liabilities – on that basis I could see a justification, but not otherwise.

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