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'The Green Party's proposal for a wealth tax on 1% of assets above £10m and 2% on assets above £1bn comes top of our list of tax reforms that Britons would support, with 75% giving it their backing.

93% of Green voters and 87% of Labour voters and 80% of LD voters back a wealth tax on the richest. Even 70% of Tory and 61% of Reform voters in favour

https://x.com/YouGov/status/1981319728174928268
https://ygo-assets-websites-editorial-emea.yougov.net/documents/YouGov_-_Tax_reforms.pdf

How much would it raise in the first year? I assume tax evasion/avoidance/put the Stubbs in the lorry would kick in from year 2 onwards.

Yes, plenty of the rich affected would base themselves in Monaco, Switzerland, Dubai, Florida, the Bahamas, Singapore etc if such a tax came in

They can’t take their Knightsbridge townhouses with them

And so the wealth tax argument reaches it natural conclusion - the only part of wealth that can be easily taxed is land and property.

And we simply don’t tax property efficiently or enough

And it’s going to apply to far more people than just the so called super rich with ‘wealth’ in excess of £10 million.

The super rich may not be able to take their townhouses with them but they can sell them off. They don’t need to own an asset that may be a liability.

They also take their spending on food and drink both in shops and bars/restaurants, they stop employing their cleaner, driver, security, accountant, solicitors. They stop buying their clothes, watches and jewellery, art, furniture in London too so the shops that were selling these things need fewer staff or close. Those staff have to find jobs in possibly lower paid roles elsewhere and so cut down their spending.

So great, the people have stuck it to those rich bastards by raising their taxes. Unfortunately those rich bastards aren’t going to be paying those taxes in the UK anyway now, you’ve sucked spending out of the country. You’ve affected balance of payments because a lot of those people were making their money overseas and bringing it in to the UK as they were living there.

They were also keeping maybe an office in the UK, don’t need that now. They might be about to be setting up a spin-off of one of their businesses and liked the idea of having it based in the UK as they can gets hands on.

Now they are in Zurich, Dubai, wherever they might as well do it there and employ people there.

If they care about the arts or a particularl medical condition then they aren’t going to be donating to UK based charities and entities, won’t be supporting fundraisers in the UK, they will support where they are living.

Ultimately the country is poorer and some people might feel so much better for having kicked the rich but they are still rich, just not benefiting the UK.

Despite what you say true patriots would, of course, just take the hit and stay in the greatest country on earth.

After all, it's not as if these millionaires and billionaires would be short of a bob or two if they had to pay 1% or 2% extra tax on their wealth.

Indeed, they'd still be absolutely rolling in it in a way that the vast majority of us can barely imagine. Unless they're just greedy.

You are assuming that they are mostly or even partly British.

On a smaller scale - why should my Indian or Chinese colleagues not move to another country where the bank we work for has offices? One that offers them a better tax/services/ environment?

People undersell the UK on this topic. It would still be a fabulous place to live with a wealth tax and whilst some would leave, the vast, vast majority won't.

Ah yes - “they won’t alter their behaviour” strategy on tax.

Always works.

Some will as I said. Moving to another country is towards the extreme side of changing behaviour for a tax that makes less difference to their wealth than a typical weeks of volatility in global share prices.

And yet people are bemoaning that Brexit has denied people the opportunity to move and live and work around Europe to improve their lives.

If we consider the apparent millions who have had their plans ruined by Brexit stopping them from moving as rational then it’s surely no different than the wealthy moving country for their best options - is keeping more of your own money not as valid as wanting a different culture, different career options, different weather and lifestyle.

I doubt there were millions of Brits looking to move abroad who have been stopped due to Brexit, low hundreds of thousands over several years perhaps. Unless we are including youngsters who would spend a summer or two there.

Hi None.

It was something Mrs PtP and I were looking at back then, but Brexit ruled it out. To be fair, we may not have gone anyway, and we could probably find workarounds if we really wanted to go now, but the bottom line is that it effectively closed a door for us.

Individual anecdotal examples prove nothing of course, but I should think there are quite a few others similarly affected.

Yes, that is a loss, as is the option to spend say six months in another EU country, which was a freedom we had before Brexit. I travel a lot in Europe and every year have to do my sums to stay within the 90 day limit, across the summer, and both this year and the year before last hit the ninety days exactly. And if you go on any travel forum there are tons of motorhoming Brits having to do the ‘Schengen shuffle’ - much more difficult now Romania and Bulgaria are inside Schengen for land travel - looking at spending time in Serbia or Morocco or Turkey until their ninety days resets.

The irony is that Mr Dog can stay for four months, on the usual travel certificate used by Brits, and in my case indefinitely as he has a Belgian passport.

Does he wave you goodbye at the border - and is there again, waging his tail, when you come back?

'The Green Party's proposal for a wealth tax on 1% of assets above £10m and 2% on assets above £1bn comes top of our list of tax reforms that Britons would support, with 75% giving it their backing.

93% of Green voters and 87% of Labour voters and 80% of LD voters back a wealth tax on the richest. Even 70% of Tory and 61% of Reform voters in favour

https://x.com/YouGov/status/1981319728174928268
https://ygo-assets-websites-editorial-emea.yougov.net/documents/YouGov_-_Tax_reforms.pdf

I support a wealth tax, so long as it is combined with reductions on income tax/National Insurance, particularly for lower income workers. What it cannot be is an opportunity to just soak people more.

One of the most important jobs of the government is to encourage economic activity. That means getting the incentives right.

Taxing work, particularly for those at the bottom of the income scale, is fucked up. It's basically discouraging the one thing we want more of.

So, like in Switzerland, we should have a modest wealth tax. And let's use that as an opportunity to fold NI and Income Tax together, and to reduce the burden on the lowest paid.

Problem is a wealth tax doesn’t work even in Switzerland it raises little to nothing.

'The Green Party's proposal for a wealth tax on 1% of assets above £10m and 2% on assets above £1bn comes top of our list of tax reforms that Britons would support, with 75% giving it their backing.

93% of Green voters and 87% of Labour voters and 80% of LD voters back a wealth tax on the richest. Even 70% of Tory and 61% of Reform voters in favour

https://x.com/YouGov/status/1981319728174928268
https://ygo-assets-websites-editorial-emea.yougov.net/documents/YouGov_-_Tax_reforms.pdf

How much would it raise in the first year? I assume tax evasion/avoidance/put the Stubbs in the lorry would kick in from year 2 onwards.

Yes, plenty of the rich affected would base themselves in Monaco, Switzerland, Dubai, Florida, the Bahamas, Singapore etc if such a tax came in

They can’t take their Knightsbridge townhouses with them

And so the wealth tax argument reaches it natural conclusion - the only part of wealth that can be easily taxed is land and property.

And we simply don’t tax property efficiently or enough

And it’s going to apply to far more people than just the so called super rich with ‘wealth’ in excess of £10 million.

The super rich may not be able to take their townhouses with them but they can sell them off. They don’t need to own an asset that may be a liability.

They also take their spending on food and drink both in shops and bars/restaurants, they stop employing their cleaner, driver, security, accountant, solicitors. They stop buying their clothes, watches and jewellery, art, furniture in London too so the shops that were selling these things need fewer staff or close. Those staff have to find jobs in possibly lower paid roles elsewhere and so cut down their spending.

So great, the people have stuck it to those rich bastards by raising their taxes. Unfortunately those rich bastards aren’t going to be paying those taxes in the UK anyway now, you’ve sucked spending out of the country. You’ve affected balance of payments because a lot of those people were making their money overseas and bringing it in to the UK as they were living there.

They were also keeping maybe an office in the UK, don’t need that now. They might be about to be setting up a spin-off of one of their businesses and liked the idea of having it based in the UK as they can gets hands on.

Now they are in Zurich, Dubai, wherever they might as well do it there and employ people there.

If they care about the arts or a particularl medical condition then they aren’t going to be donating to UK based charities and entities, won’t be supporting fundraisers in the UK, they will support where they are living.

Ultimately the country is poorer and some people might feel so much better for having kicked the rich but they are still rich, just not benefiting the UK.

Despite what you say true patriots would, of course, just take the hit and stay in the greatest country on earth.

After all, it's not as if these millionaires and billionaires would be short of a bob or two if they had to pay 1% or 2% extra tax on their wealth.

Indeed, they'd still be absolutely rolling in it in a way that the vast majority of us can barely imagine. Unless they're just greedy.

You are assuming that they are mostly or even partly British.

On a smaller scale - why should my Indian or Chinese colleagues not move to another country where the bank we work for has offices? One that offers them a better tax/services/ environment?

People undersell the UK on this topic. It would still be a fabulous place to live with a wealth tax and whilst some would leave, the vast, vast majority won't.

Ah yes - “they won’t alter their behaviour” strategy on tax.

Always works.

Some will as I said. Moving to another country is towards the extreme side of changing behaviour for a tax that makes less difference to their wealth than a typical weeks of volatility in global share prices.

And yet people are bemoaning that Brexit has denied people the opportunity to move and live and work around Europe to improve their lives.

If we consider the apparent millions who have had their plans ruined by Brexit stopping them from moving as rational then it’s surely no different than the wealthy moving country for their best options - is keeping more of your own money not as valid as wanting a different culture, different career options, different weather and lifestyle.

I doubt there were millions of Brits looking to move abroad who have been stopped due to Brexit, low hundreds of thousands over several years perhaps. Unless we are including youngsters who would spend a summer or two there.

Hi None.

It was something Mrs PtP and I were looking at back then, but Brexit ruled it out. To be fair, we may not have gone anyway, and we could probably find workarounds if we really wanted to go now, but the bottom line is that it effectively closed a door for us.

Individual anecdotal examples prove nothing of course, but I should think there are quite a few others similarly affected.

I have no plans to retire to the continent but my grandparents retired to Spain, thanks to the EU, so I am very aware of how Brexit has shrunk our opportunities.

I tell you what I do miss. The free and easy travel through Europe.

A few years before Brexit I drove to Nice for a holiday and on a whim decided to return through Switzerland, Germany and Belgium. It was a delight, and I don't think I showed my passport once.

You will have had to show your passport to go from UK -> France and back. But the rest, nothing has changed, in terms of driving around Europe. I did it the other month.

In terms of people's holidays, nothing has really changed.

The big impact is relocating long term. But actually many European counties were or have increasingly become very pragmatic about it. Portual made it super easy, France are changing their laws, Italy are open for business for anybody who can be self reilant.

Thanks Francis. That's nice to know, in case the motivation returns.

Portugal appeals. Always thought it was underated. Language might be a problem, but as a native Cockney I find picking up new lanuages quite easy.

The big problem with Portugal, on top of a tricky language to speak, full time is getting anything done. It makes the infamous Italian red tape look like small beer, because not only are the government massive on red tape, 5 companies dominant every sector of the economy. So if your providers of x service are shit or you want building work done let you down, you can complain, but good luck as at best there is one other company who can provide that service and they won't be any better.

Now if you just go for 2-3 months, you rent from somebody else (or you pay over the top for a management company), happy days. They have to deal with sitting on the phone for 8 days to hire scaffolding to fix the roof.

Noted with thanks, Francis.

We have friends there and Mrs P had an extended break with them recently. My impression is she could cope with the hardships!

I'll send you a postcard if we ever go.

My elderly parents spend ~5 months a year living there and love it. But they pay probably over the top not to have to deal with the BS.

'The Green Party's proposal for a wealth tax on 1% of assets above £10m and 2% on assets above £1bn comes top of our list of tax reforms that Britons would support, with 75% giving it their backing.

93% of Green voters and 87% of Labour voters and 80% of LD voters back a wealth tax on the richest. Even 70% of Tory and 61% of Reform voters in favour

https://x.com/YouGov/status/1981319728174928268
https://ygo-assets-websites-editorial-emea.yougov.net/documents/YouGov_-_Tax_reforms.pdf

How much would it raise in the first year? I assume tax evasion/avoidance/put the Stubbs in the lorry would kick in from year 2 onwards.

Yes, plenty of the rich affected would base themselves in Monaco, Switzerland, Dubai, Florida, the Bahamas, Singapore etc if such a tax came in

They can’t take their Knightsbridge townhouses with them

And so the wealth tax argument reaches it natural conclusion - the only part of wealth that can be easily taxed is land and property.

And we simply don’t tax property efficiently or enough

And it’s going to apply to far more people than just the so called super rich with ‘wealth’ in excess of £10 million.

The super rich may not be able to take their townhouses with them but they can sell them off. They don’t need to own an asset that may be a liability.

They also take their spending on food and drink both in shops and bars/restaurants, they stop employing their cleaner, driver, security, accountant, solicitors. They stop buying their clothes, watches and jewellery, art, furniture in London too so the shops that were selling these things need fewer staff or close. Those staff have to find jobs in possibly lower paid roles elsewhere and so cut down their spending.

So great, the people have stuck it to those rich bastards by raising their taxes. Unfortunately those rich bastards aren’t going to be paying those taxes in the UK anyway now, you’ve sucked spending out of the country. You’ve affected balance of payments because a lot of those people were making their money overseas and bringing it in to the UK as they were living there.

They were also keeping maybe an office in the UK, don’t need that now. They might be about to be setting up a spin-off of one of their businesses and liked the idea of having it based in the UK as they can gets hands on.

Now they are in Zurich, Dubai, wherever they might as well do it there and employ people there.

If they care about the arts or a particularl medical condition then they aren’t going to be donating to UK based charities and entities, won’t be supporting fundraisers in the UK, they will support where they are living.

Ultimately the country is poorer and some people might feel so much better for having kicked the rich but they are still rich, just not benefiting the UK.

Despite what you say true patriots would, of course, just take the hit and stay in the greatest country on earth.

After all, it's not as if these millionaires and billionaires would be short of a bob or two if they had to pay 1% or 2% extra tax on their wealth.

Indeed, they'd still be absolutely rolling in it in a way that the vast majority of us can barely imagine. Unless they're just greedy.

You are assuming that they are mostly or even partly British.

On a smaller scale - why should my Indian or Chinese colleagues not move to another country where the bank we work for has offices? One that offers them a better tax/services/ environment?

People undersell the UK on this topic. It would still be a fabulous place to live with a wealth tax and whilst some would leave, the vast, vast majority won't.

Ah yes - “they won’t alter their behaviour” strategy on tax.

Always works.

Some will as I said. Moving to another country is towards the extreme side of changing behaviour for a tax that makes less difference to their wealth than a typical weeks of volatility in global share prices.

And yet people are bemoaning that Brexit has denied people the opportunity to move and live and work around Europe to improve their lives.

If we consider the apparent millions who have had their plans ruined by Brexit stopping them from moving as rational then it’s surely no different than the wealthy moving country for their best options - is keeping more of your own money not as valid as wanting a different culture, different career options, different weather and lifestyle.

I doubt there were millions of Brits looking to move abroad who have been stopped due to Brexit, low hundreds of thousands over several years perhaps. Unless we are including youngsters who would spend a summer or two there.

Hi None.

It was something Mrs PtP and I were looking at back then, but Brexit ruled it out. To be fair, we may not have gone anyway, and we could probably find workarounds if we really wanted to go now, but the bottom line is that it effectively closed a door for us.

Individual anecdotal examples prove nothing of course, but I should think there are quite a few others similarly affected.

Yes, that is a loss, as is the option to spend say six months in another EU country, which was a freedom we had before Brexit. I travel a lot in Europe and every year have to do my sums to stay within the 90 day limit, across the summer, and both this year and the year before last hit the ninety days exactly. And if you go on any travel forum there are tons of motorhoming Brits having to do the ‘Schengen shuffle’ - much more difficult now Romania and Bulgaria are inside Schengen for land travel - looking at spending time in Serbia or Morocco or Turkey until their ninety days resets.

The irony is that Mr Dog can stay for four months, on the usual travel certificate used by Brits, and in my case indefinitely as he has a Belgian passport.