January 06, 2020

Anna Murray 

The UK government is to propose a new taxation in the March 2021 budget. This action is expected to ease the pandemic burden on the economy.

According to the new taxation, 5% of wealth tax will be added for the one whose property is worth over £500,000, and £1 million for wedded mates. Currently UK wealth taxes consist of inheritance tax and income tax. However these taxes caused problems that wealthy people may move to other countries or seek tax evasion. That’s why the kinds of taxes have been cancelled in number of European countries.

Other than the proposal of wealth tax, some ideas have also been come up. They are to improve inheritance tax, and lessen support for property of business and agriculture.

Photo:Webshot.