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CenTax explainer: Non-dom reforms and why it matters to the UK economy
Yesterday the Chancellor announced a change to the tax rules for “non-doms” when he set out the 2024 budget. CenTax Director Dr Arun Advani has been researching this rather unique UK tax category as part of his long-standing interest in making UK tax more efficient and fairer.
News Release: More capital gains are received in one neighbourhood in Kensington than in Liverpool, Manchester and Newcastle combined, finds new report
Total capital gains have almost tripled over the last decade, to £65bn by 2019/20. Despite this, most people never receive any capital gains, with less than 3% of adults paying capital gains tax over a ten-year period. In any given year just 0.5% of adults receive any gains, less than the number of additional rate (“45p”) income tax payers.
These findings come from new research which gained unprecedented access to the anonymised tax records of capital gains tax payers. The study, by researchers from the University of Warwick and The London School of Economics and Political Science (LSE), analysed the anonymised personal tax returns of everyone who received taxable capital gains between 1997 and 2020.
News Release: If inheritance tax is to be retained, it urgently needs to be improved, argues new report co-authored by Dr Arun Advani
If inheritance tax is to be retained, it urgently needs to be improved. The current system suffers from several problems which are costly, inequitable and inefficient. And as inheritances grow, these problems become more prevalent. There are several clear steps the government could take to make the system better. These could raise additional revenue, or could be combined with a lower inheritance tax rate or higher threshold as part of a revenue-neutral reform.
These are among the findings of Reforming inheritance tax, by Arun Advani and David Sturrock, published today as a pre-released chapter of the 2023 IFS Green Budget, produced in association with Citi and with funding from the Nuffield Foundation.
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