In 2020, the Government announced they would look at a one-off “wealth tax” to help balance the books and the department responsible has now reported its findings with some very surprising recommendations! If you have more than £500,000 “wealth” you could be caught up!
Basically, what is suggested is a “one-off” wealth tax of 5% on any “wealth” over £500,000. It is suggested the tax charge would be charged over 5 years. Now £500,000 sounds like a lot but our guess is that this would actually affect up to 8million people in the UK or over 1 in 10 of the population!
The Government could raise up to £260billion if it went ahead. Now this is all suggestion and speculation right now but rest assured we remain ready to act and advise as soon as the landscape becomes clear. All eyes turn to the forthcoming budget to see what will be announced!