Tax Justice UK
  • Home
  • Projects
    • Taxing Wealth
    • Tax and public opinion
    • Tax and the climate crisis
    • Ending tax dodging
  • About
    • Our approach
    • People
    • Funders
    • Sign up
    • Jobs
  • Blog
  • Donate

Scotland and Wales ban tax haven companies from bailouts, time Westminster stepped up.

21/5/2020

 
Great news from Scotland and Wales where politicians have taken action to ban companies based in tax havens from getting bailouts.

This is a step forward in our campaign to ensure we bailout the workers, not tax haven billionaires. 


Some companies have dodged their obligation to pay a fair share of tax in good times, only to seek bailouts when times get 
tough. It is right that we should protect jobs at this difficult time, but it is equally true there should be conditions to force responsible tax conduct on organisations that get support. 

Westminster is well behind the curve on this issue. So Tax Justice UK has launched a petition to prompt MPs in London to get their act together on an issue of genuine concern to the public.

All governments need to go further and implement the Fair Tax Mark’s conditions for a fair tax bailout.
​
We want the Chancellor, Rishi Sunak, to take action and ensure that any bailouts come with conditions attached so companies pay their fair share of tax. You can sign the petition
here.








Analysis of tax returns reveals inequality is higher than thought

20/5/2020

 
The very richest are benefiting from lower tax rates to an extent not previously realised, meaning inequality in the UK is higher than thought.

An analysis of the tax returns filed by some of the richest people in the country by academics at Warwick and the London School of Economics, found a rising number of individuals recording millions of pounds of income as “business activities” rather than work.

​The current rate of capital gains tax for higher earners can be as low as 10% once tax relief is taken into account compared to 45%, the highest rate of income tax.

​The research concludes that inequality has been significantly higher in the UK over the past 20 years than previously assumed. This is because the Office for National Statistics does not include capital gains in its assessment of inequality in the UK. 

Tax Justice UK Executive Director, Robert Palmer, said: “This groundbreaking study shows that the ultra wealthy have been able to reclassify their income as wealth in order to benefit from lower tax rates.

“It’s truly staggering when we consider the impact this has had on overall inequality in the country. The gap between rich and poor is bigger than thought and this has implications for people’s lives.

“But the government can do something about it: tax income from wealth the same as income from work. As we come out of the coronavirus crisis, this is precisely the type of measure the government should implement. Polls consistently show that the public would support such a move.”

The report,
Capital Gains and UK Inequality, finds:
  • 5,000 people received over half (54%) of all capital gains in the UK. 
  • The vast majority of gains come from business activities rather than passive investments. Often this is a substitute for labour income. 
  • Gains are concentrated amongst those who already have high incomes.
  • ​Including capital gains reveals a rise in inequality over the past two decades. While the share of all income going to the top 1% has remained at around 14% since 1997, by including capital gains it has risen to 17%, with the largest growth towards the very top.

Research by the IPPR estimates that up to £90 billion could be raised over five years for public services if CGT was brought into alignment with income tax.

Arun Advani, Assistant Professor, University of Warwick and Andy Summers, Assistant Professor LSE Law,
International Inequalities Institute will present their findings at a
Resolution Foundation seminar: The Hidden Rise (and Fall?) of the top 1% on Thursday 21 May. 

YouGov poll: Public want higher taxes on wealth and no bailouts for tax haven companies.

13/5/2020

 
A new opinion poll has found the public supports a wealth tax for people with assets over £750,000.

The 1,682 person YouGov poll reveals the public wants a different way of doing business once the corona epidemic is passed, it found:


  • 82% of Brits think tax haven companies should not be given coronavirus bailouts; and
  • 61% support a wealth tax for people with assets worth more than £750,000 (excluding pensions and main homes)

​Robert Palmer, Executive Director of Tax Justice UK, said: “The public are hungry for a new deal when we rebuild after this crisis. The government is under huge public pressure not to cave into supporting tax haven companies and it is clear that Brits want to see those who can afford it to shoulder a greater part of the burden to help pay for public services. The message is clear, no more business as usual.”

Tax Justice UK is calling for any corporate bailouts to follow the conditions laid out by the Fair Tax Mark, including requiring companies to lift the lid on their tax affairs, disclose who ultimately profits from their activities, and not use tax havens and tax avoidance structures.

All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 1,682 adults. Fieldwork was undertaken between 7th - 11th May 2020.  The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).




    Posts

    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    March 2019
    January 2019
    December 2018
    November 2018
    October 2018
    June 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    August 2017
    June 2017
    May 2017

    Categories

    All

    RSS Feed

Tax Justice UK is a Company Limited by Guarantee in England & Wales (no. 10761736)
Registered Address: C/O Godfrey Wilson, ​Mariner House, 62 Prince St, Bristol BS1 4QD

Tax Justice UK is a partner of (but independent from) the Tax Justice Network

Privacy policy
Terms and conditions for using this website
Equality and Diversity Statement

If you have concerns about Tax Justice UK, you can make a complaint using this email address complaints@taxjustice.uk.

This website is published under the Creative Commons Attribution Licence
​Tax Justice UK campaigns for a better tax system to benefit everyone in the UK.
Media enquiries:  +44 (0)7413 729 505 (24hrs) 
Phone: +44 (0)20 3637 9137
​Email: mail AT taxjustice.uk
Picture
  • Home
  • Projects
    • Taxing Wealth
    • Tax and public opinion
    • Tax and the climate crisis
    • Ending tax dodging
  • About
    • Our approach
    • People
    • Funders
    • Sign up
    • Jobs
  • Blog
  • Donate