{"id":95854,"date":"2026-09-21T07:51:08","date_gmt":"2026-09-21T06:51:08","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=95854"},"modified":"2026-09-21T07:59:15","modified_gmt":"2026-09-21T06:59:15","slug":"pogress-for-the-taxing-wealth-report","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2026\/09\/21\/pogress-for-the-taxing-wealth-report\/","title":{"rendered":"Progress for the Taxing Wealth Report?"},"content":{"rendered":"

This is in a Telegraph email<\/a> this morning. I am reproducing it because this is not behind their paywall:<\/p>\n

Andy Burnham is considering increasing capital gains tax to fund a giveaway to the lowest earners.<\/p>\n

He and the Chancellor are reviewing proposals to raise taxes on wealth to increase the income tax personal allowance, giving the bottom fifth of taxpayers a \u00a3600-a-year boost.<\/p>\n

The strategy to pay for it, put forward by Dale Vince, a Labour donor, is a \u00a314bn raid on investors that would align capital gains tax rates with income tax, alongside ending the interest paid on central reserves held by the Bank of England.<\/p>\n

It would allow for a \u00a33,000 increase in the personal allowance, which has not gone up since 2021 despite rising costs.<\/p>\n

It would also allow Burnham to prove his commitment to tackling high living costs amid rising inflation.<\/p>\n

No final decision has been made, but the Prime Minister has already strongly hinted at his desire to raise the allowance, saying it was the number one issue in his constituency before he entered No 10.<\/p>\n

The question is, will it work? Some think tanks say it will \u2013 with additional tweaks to the system to mitigate avoidance. Economists, however, are likely to seize upon the policy, with HMRC\u2019s own figures suggesting that raising the duty could cost more than it brings in.<\/p><\/blockquote>\n

I wonder, first of all, where Dale Vince got these ideas from? I am aware he follows my work.<\/p>\n

Then I wonder whether Burnham is really considering this, or if the Telegraph is just spinning a submission for their own advantage.<\/p>\n

And then I wonder just who those economists the Telegraph is talking to might be. The claim in the related article is that HMRC's own data shows equalising capital gains tax rates will reduce yield, but those are Treasury numbers, and they got us into this mess, so I put little weight on their belief in the Laffer curve. I suspect the others are in Tufton Street.<\/p>\n

It would, I admit, be good to see further progress on the proposals in the\u00a0Taxing Wealth Report.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This is in a Telegraph email this morning. I am reproducing it because this is not behind their paywall: Andy Burnham is considering increasing capital
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,204,35,16,147,118,224,106,223,97,209,150],"tags":[],"class_list":["post-95854","post","type-post","status-publish","format-standard","hentry","category-capital-gains-tax","category-economic-justice","category-economics","category-ethics","category-inequality","category-labour","category-neoliberalism","category-politics","category-politics-of-care","category-tax-justice","category-taxing-wealth-report","category-wealth-tax"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/95854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=95854"}],"version-history":[{"count":2,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/95854\/revisions"}],"predecessor-version":[{"id":95856,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/95854\/revisions\/95856"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=95854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=95854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=95854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}