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.
One in three self-assessment taxpayers under-report, costing government £8 billion a year, Warwick study finds
A third of self-assessment taxpayers do not pay as much tax as they should, meaning the Treasury is missing out on £8 billion a year. This contributes to the annual “tax gap” of more than £30 billion revenue that goes uncollected. The findings are revealed in a new research briefing by Dr Arun Advani of the University of Warwick and Centre for Competitive Advantage in the Global Economy (CAGE)