Reforming UK tax so that richest pay their ‘fair share’ could raise £11 billion to help rebuild post-Covid-19 public finances, says new report.
Around £11 billion a year could be raised from an Alternative Minimum Tax rate based on the total amount of income and capital gains that a person reports before applying any deductions or reliefs, according to new research which has gained unprecedented access to the tax records of the UK’s richest individuals.
Top 1 per cent received a sixth of the nation’s income pre-crisis, due to hidden rise of capital gains, new report finds
The Top 1 per cent received a far greater, and faster growing, share of the nation’s income pre-crisis than previously thought, if capital gains are included in official statistics, according to major new research published today. The research – a collaboration between the CAGE Research Centre at the University of Warwick, the Resolution Foundation and the LSE – uses confidential tax return data to build a fuller picture of incomes across the UK, specifically by including taxable capital gains.
In a further contribution to the debate about how to balance the need to re-open the economy with the need to protect life, Warwick researchers Andrew Oswald and Nick Powdthavee point out the extreme dangers from any general kind of release from lockdown and present more detailed modelling on the fatality risks faced by different age groups.
The UK could have zero new cases as early as 10th May, but no later than the end of May, new research conducted by the University of Warwick suggests.
Government reforms to housing benefit introduced in 2011 were intended to save the public purse hundreds of millions. Research from University of Warwick economists has found that, far from saving money, the change in policy simply shifted burdens to local councils: for every pound central government saved in housing benefit, local authority spending on temporary housing costs went up by 53p.