The Chancellor is set to announce his Budget in March, with many Britons wondering how tax changes could impact their pockets. But a report released in January revealed that almost £800billion of assets held by Britain’s richest households had been missed by official measures. This led to calls for wealth taxes to be reformed and for the wealthy to be taxed in order to help pay for the pandemic. Jack Leslie, economist at the Resolution Foundation who uncovered the hidden fortunes, argued for reformed wealth taxes to get back some of this money.
He said: “The UK has undergone a wealth boom in recent decades, which has continued even while earnings and incomes have stagnated.
“But official data has struggled to capture these gains, and misses £800billion of assets held by the very wealthiest households in Britain.
“With the country facing a decade of mounting fiscal pressures, now is the time for Britain to do a better job of taxing its record levels of wealth by reforming our capital gains, inheritance and property taxes.”
The data also uncovered a significant increase in…