The aim of the Taxing Wealth Report 2024 is to provide the most comprehensive review of potential reforms to the UK's taxation system to remove the bias to wealth inherent within it that has ever been published.
That said, certain constraints have been accepted in the course of undertaking this work. In particular, all the recommendations made are intended to revise, update or enhance existing taxes and tax systems. The intention has been to suggest new sources of taxation revenue derived from wealth or high-income earners that might be subject to tax assessment by a government facing the crises that a newly elected administration in the UK might face from 2025 onwards. It has been assumed that there will be little available political capital to undertake more significant tax reforms, however, beneficial they might be.
As a consequence of this constraint, a number of potential tax reforms that would require the creation of new taxes have been ignored in the course of this work, although they could be the subject of future reviews. These include:
- A wealth tax
- Land value taxation
- A progressive consumption tax based on taxing the value of personal and corporate bank transactions
- Other transaction taxes
- Carbon taxation
These issues are not being ignored or dismissed by the Taxing Wealth Report 2024: they are simply outside the scope of its work at present.