I thought this chart from the FT this morning was of interest:
That's roughly £350 billion under management for the wealthiest in the UK, with the primary aim of these organisations being to make sure that these people remain the wealthiest in the UK.
And you wonder how well funded a campaign against a wealth tax might be? I think this chart provides the answer.
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Pictet 478bn under management. And people say Pictet, never heard of them.
https://www.group.pictet/corporate/en/home/about_pictet.html
You might find that the truly rich may be unconcerned and regard a wealth tax as being akin to IHT and see it as s “voluntary tax”.
I say this because my understanding of the truly rich is that they are jet setters and see themeselves as international citizens, free to live and mix in whatever country takes their fancy.
I would also imagine that they have their financial affairs organised on a global basis that affords them the flexibility to live as above.
So in the same way Labour’s suggestion to increase income tax and corporation would be counter productive, I believe a wealth tax would, as IHT, effect the lesser rich but not the truly rich. The latter would simply move their wealth to another country and if needs be themeselves.
The projected tax take from the wealth tax would be offset by reductions in the take of other taxes as the truly rich retreat to other countries and take with them any contributions that they may have made in the UK.
So the lesser rich or those rich unable to relocate would pay the wealth tax
I remember reading about the actor Tom Conti. He bought a house in Hampstead some 30 years ago in the same year I bought my current house. I paid £120000 for my house and it is now worth about £880000. Tom paid £180000 for his house and two years ago was complaining that it was then worth £17 million.
He was complaining because he was (rightly) concerned about the IHT that would be due.
I imagine he will be worrying now at the prospect of a wealth tax.
I agreed with all the above until the OECD Common Reporting Standard and automatic information exchange was introduced
Now I do not
I think this will make a wealth tax possible
he paid £165 for his house
Interesting St James place is at the top of your list. Yet has so many issues that keep rising every month.