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Massive positive aspects of wealthiest Brits will have to be taxed extra to lend a hand families with price of dwelling disaster

As Sunday Instances Wealthy Checklist presentations report collection of UK billionaires, their positive aspects will have to be taxed the similar as source of revenue from paintings

Massive will increase in wealth at best all over pandemic presentations how ‘wealth regularly begets extra wealth’, suppose tank says

Requires redistribution thru upper taxes on source of revenue from wealth, and scrapping council tax for a brand new, proportionate belongings tax

Reacting to newsletter of this yr’s Sunday Instances Wealthy Checklist, George Dibbs, head of the IPPR suppose tank’s Centre for Financial Justice, mentioned: “As we input a once-in-a-generation price of dwelling disaster the Sunday Instances Wealthy Checklist presentations us once more that massive wealth regularly begets extra wealth. That has proved in particular true all over the pandemic, when the wealthiest accrued extra wealth than poorer individuals who stored not anything.

“Now there are extra billionaires in the United Kingdom than ever prior to and the collective wealth of the richest has grown once more.

“We want to glance urgently at tactics to improve the families maximum uncovered by way of this new worth disaster, and that are meant to come with redistributing the wealth positive aspects of the richest to pay for upper social safety advantages for many who maximum want them.

“That suggests reforming the tax device in order that source of revenue from wealth – capital positive aspects – is taxed the similar as hard earned source of revenue from paintings. It’s additionally time for a good, proportional belongings tax to interchange the regressive device of council tax. The ones with the broadest shoulders will have to be contributing extra.

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“On the similar time we will have to scrap so referred to as ‘non-dom’ standing in which the rich steer clear of tax by way of spending time out of the country.”