I hate to be a contrarian, but we really do not need a wealth tax right now

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As I noted in The National yesterday:

I stress this is not a deliberately contrarian view. I am aware of all the theoretical arguments for taxing wealth more. I agree with them. It's just that as a chartered accountant with forty years of experience in trying to agree valuations with HM Revenue & Customs, I know what a minefield this is.

Make a demand that millions of people do this either as a one-off exercise or, even worse, annually, and the whole administration of tax in the UK might collapse into a quagmire for dispute and litigation as a result of which every other aspect of the tax administration will be undermined. That is not my idea of good tax reform.

As I added in that article:

I then noted:

I took part in a discussion on this issue with National journalist Xander Elliards yesterday afternoon (live, but I cannot now find it on the site) during yesterday afternoon. He was dubious at first. He was very surprised by my opinion column when he first read it, having assumed I was bound to be in favour of a wealth tax. At the end of the discussion, he was convinced by my argument.

That's one down and many more to go, you might say. But I am convinced this is the way to go.

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