“If a wealth tax were introduced it’s hard to say what percentage of wealth would be taxed, but it would likely only have to be a small percentage to have a big tax take, given the overall wealth UK residents hold.”
During the early stages of the coronavirus emergency, many businesses undergoing VAT compliance reviews were contacted by HMRC and told that the process had been put on hold, due to diversion of HMRC resources to coronavirus work.
Social enterprises and charities gearing up to help combat the impact of Covid-19 and support economic recovery are calling on the government to extend social investment tax relief (SITR) for two years, in order to help them fundraise
In the U.K., for instance, the forecasts already predict the national deficit could rise from 55 billion pounds to 337 billion pounds (around $67 billion to $410 billion) by the end of this year.
The total compares to HMRC’s use of 60 account freezing orders, covering £8 million, during the previous tax year.