Spain operates a wealth tax that starts at 0.2 per cent at £750,000 and rises to 2.5 per cent on wealth over £12 million ALAMYMore than two thirds of Britons support higher taxes on wealth. A survey by Tax Justice UK and Oxfam found that 69 per cent of adults agreed that earnings from wealth should be taxed at the same level, or more heavily, than earnings from income. Wealth taxes, such as capital gains and inheritance tax, are relatively under-represented in Britain. They raise about 4 per cent of GDP, compared with 15 per cent from income and 11 per cent from consumption, through VAT. Other countries, such as France and Spain, make more use of wealth taxes.

Source: The Times September 27, 2019 23:04 UTC