According to the latest Sunday Times rich list “The total wealth of the richest 1,000 individuals and families in Britain has more than doubled in the last 10 years to £547bn.”
Scope here for some tax raising we think!
The list is headed by Mr Blavatnik,at $13.17 billion, his investments range from metals and oil to music publishing and digital media. He also has a £41m home in London.
We doubt whether changing council tax bands would deter the really affluent from buying properties in London or anywhere else and neither would a Land Value Tax. Both are in effect a licence for the rich to purchase high value properties. The UK needs a set of policy initiatives which ensure the rich do pay their fair share of taxes and can no longer have an undesirable impact on the housing market – whether in London or anywhere else!