Package of Tax Reforms Could Raise £21.3bn in Govt Revenue
A package of eight "pro-growth" tax reforms could raise £21.3bn in government revenue, according to Demos.
The think-tank proposed a package of reforms which Chancellor Rachel Reeves could implement to address the £50bn black hole in the UK finances.
Key Reforms and Estimated Revenue
- Equalising capital gains rates, introducing a new investment allowance, a new exit tax, and removing CGT uplift: £11.3bn
- Applying national insurance contributions to rental income: £3.2bn
- Applying an equivalent of employer Nics to partnership income: £1.9bn
- Introducing a proportional property tax on homes over £2mn: £1.2bn
- Introducing a council tax premium on non-UK residents' second homes: £0.2bn
Demos' proposed reforms aim to plug the £50bn black hole in the UK finances.
Author's summary: Demos proposes tax reforms to raise £21.3bn in revenue.
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