Why experts think a UK wealth tax is ‘naive'
Leading tax lawyer Dan Neidle suggests a wealth tax could detrimentally affect the UK's overall tax revenue, arguing it is arrogant to assume the UK could succeed where other nations have failed.
Economists highlight the significant practical challenges of implementing a wealth tax, including complex asset valuation, high administrative costs, and potential liquidity issues for taxpayers.
IFS economist Stuart Adam said most developed countries have abandoned annual wealth taxes, with experts advocating for alternative reforms to capital income taxes as more realistic.
Concerns exist that a wealth tax might prompt wealthy individuals to reallocate assets or alter their residency status, potentially leading to a net loss for the Treasury rather than increased revenue.
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