Tax Justice UK 2025 Budget comment.
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Faiza Shaheen, Executive Director at Tax Justice UK said:
26 November – For all the government’s talk of the cost-of-living, it is a glaring contradiction that the biggest revenue raising measure in the Budget was a freeze on personal tax thresholds. This places the responsibility on ordinary people to contribute more tax, while the extreme wealth of the super-rich remains largely untouched. Increasing taxes on investment and savings income is positive, but falls far short of taxing income from wealth the same as work. The same applies to the introduction of a mansion tax which will raise relatively small sums, while adding complexity to an outdated and confusing council tax system.
The whole thing feels confused and uncertain, underpinned by an approach that more of the same will magically achieve growth. All the while, wholesale changes were needed, like taxes on wealth targeted at those who have amassed fortunes beyond normal comprehension. The Chancellor needs to grasp the nettle and find the courage to tax the super-rich to invest in Britain at the scale required to rebuild the foundations and improve lives.
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Notes:
- Contact – Jake Woodier, Deputy Director at Tax Justice UK on 07503 789994 or jake@taxjustice.uk
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Tax Justice UK is a campaigning and advocacy organisation. Our mission is to ensure that everyone in the UK benefits from a fair and effective tax system. We are not-for-profit and politically non-aligned. Tax Justice UK is a partner of – but independent from – the Tax Justice Network.
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Tax Justice UK advocates for a package of tax policies, that if implemented, could raise up to £60bn a year, including reform of Capital Gains Tax, National Insurance Contributions on income from assets, and an 2% annual Wealth Tax on net assets over £10m