"Last year, when we announced things like the non-doms, like the [tax increase for] private equity, like the VAT on private school fees, there was so much bleating that it wasn't going to raise the money that people would leave. The OBR will publish updated numbers on all of those things. And that scaremongering didn't pay off, because this is a brilliant country and people want to live here."
"Reeves has previously ruled out imposing a new wealth tax but campaigners for changes to the system have highlighted other options, including: raising the rate of capital gains tax; levying national insurance on rental income and on partners in law firms and consultancies; and creating higher council tax bands. There is also speculation she will revive plans to overhaul tax-free Isas to divert cash towards the UK stock market."
Higher taxes on the UK's wealthy will form part of next month's budget, with an explicit rejection of a return to austerity. The package responds to a downgrade in future growth forecasts by the Office for Budget Responsibility and is expected to be announced on 26 November. Options under consideration include raising capital gains tax, levying national insurance on rental income and on partners in firms, creating higher council tax bands, and overhauling tax-free ISAs to direct cash to the stock market. The package is aimed at boosting economic growth as well as raising revenue. Last year's budget included £40bn of tax increases.
Read at www.theguardian.com
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