Would an Inheritance tax hike be fairer than a one-off wealth charge?
Philip Aldrick in the Times comments on the call from Phones 4u magnate John Caudwell for a windfall tax on wealth accumulated during the pandemic, arguing that he is invoking the solidarity taxes that Britain charged in the first and second world wars. However, Aldrick argues that higher levies on inherited assets would do more to close the wealth gap and fund the post-pandemic rebuild further into the future. He points out that the UK has the third highest average net household wealth but the sixth highest inheritance tax take as a share of receipts. Only 4% of deaths raise a tax liability.