Speech in Commons Chamber - Mon 11 Jul 2022
Energy (Oil and Gas) Profits Levy Bill
"That is an important point well made by my hon. Friend. That is what this is really about. It is a political choice that we are discussing.
On the Government’s major loophole that I referred to, which gives a 91p tax saving for every £1 invested by the oil and …..."Richard Burgon - View Speech
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Written Question
Monday 11th July 2022
Asked by:
Richard Burgon (Labour - Leeds East)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of introducing a one-off wealth tax on individual wealth above £10 million.
Answered by Lucy Frazer
The Government is committed to a fair tax system where those with the most contribute the most. This is why the Government has taken steps to ensure the wealthy pay their fair share by reforming the taxation of dividends, pensions, and business disposals to make the tax system fairer and more sustainable.
The Government has also ensured the wealthy pay the tax that is owed. In 2019-20, HMRC secured £2.2 billion in tax from the wealthiest individuals that would have otherwise gone unpaid.
The UK does not have a single wealth tax, but it does have several taxes on assets and wealth. The UK taxes assets and wealth across many different economic activities, including the acquisition, holding, transfer and disposal of assets, and income derived from assets.
Notably, the Wealth Tax Commission, which has no connection or link to the Government, found in 2020 that if considering Inheritance Tax, Capital Gains Tax, Stamp Duty, and Stamp Duty Land Tax, the UK is among the top of the G7 countries for wealth taxes as a percentage of total wealth.
It is also clear that the Wealth Tax Commission’s suggestion of a potential one-off wealth tax in the UK would be a complex undertaking, and the amount of revenue raised would be highly dependent on the final design of the tax.
Speech in Westminster Hall - Tue 14 Jun 2022
New Wealth Taxes
"I beg to move,
That this House has considered the potential merits of introducing new wealth taxes.
It is a real pleasure to serve under your chairship, Sir Edward. This debate could not come at a more important time. People face the biggest single-year fall in incomes in 70 years. …..."Richard Burgon - View Speech
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Speech in Westminster Hall - Tue 14 Jun 2022
New Wealth Taxes
"As always, my hon. Friend makes a crucial point, and she is absolutely right: that is a moral imperative.
In the past few weeks alone, we have learned that the number of billionaires in Britain has risen to 177, and their wealth is now at record levels. Britain’s billionaires have …..."Richard Burgon - View Speech
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Speech in Westminster Hall - Tue 14 Jun 2022
New Wealth Taxes
"I encourage the right hon. Gentleman to read the report I have here. It is by some top academics and makes a compelling case for a wealth tax in the UK. I will return to that point in greater detail later in my remarks...."Richard Burgon - View Speech
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Speech in Westminster Hall - Tue 14 Jun 2022
New Wealth Taxes
"I could not agree more. We are talking about multibillion-pound enterprises with people at the top hoovering up the wealth, while others do not receive anything. Only yesterday, I and colleagues visited a picket line in Wakefield, where bus drivers are on strike; they are calling for £13.40 an hour. …..."Richard Burgon - View Speech
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Speech in Westminster Hall - Tue 14 Jun 2022
New Wealth Taxes
"I thank the hon. Gentleman for his illustrative intervention, but I would paraphrase a former Labour Prime Minister, Clement Attlee: charity as a substitution for taxation can be a cold, heartless model. We should not be depending on the voluntary generosity of those at the very top to fund our …..."Richard Burgon - View Speech
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Speech in Westminster Hall - Tue 14 Jun 2022
New Wealth Taxes
"That is absolutely right. The increase in national insurance contributions was iniquitous, regressive and absolutely outrageous, but from this Conservative Government, it was no surprise.
We currently have the scandal where income derived from wealth is taxed below income derived from work. For example, someone living off share dividend payouts …..."Richard Burgon - View Speech
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Speech in Westminster Hall - Tue 14 Jun 2022
New Wealth Taxes
"I could not agree more; it is a matter of political will. We often hear politicians using the phrase “tough choices”, but when they say that, they usually mean the easy choice of giving real-terms cuts on wages, benefits and pensions. The real tough choice—the real, morally correct choice—is to …..."Richard Burgon - View Speech
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Speech in Westminster Hall - Tue 14 Jun 2022
New Wealth Taxes
"Thank you, Sir Edward. It has been a fantastic debate, and I thank everybody who has attended it and contributed. I want to pick up on two quick points. First, my hon. Friend the Member for Hemsworth (Jon Trickett) raised the issue of how annual wealth taxes could work, and …..."Richard Burgon - View Speech
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