Wes Streeting Proposes UK Wealth Tax Equalising Capital Gains with Income Tax
Wes Streeting, a former UK health minister and aspiring Labour Party leader, outlined his proposal on Saturday to elevate capital gains tax rates to align with income tax rates. This initiative aims to generate an additional £12 billion per year. Currently, capital gains tax ranges from 18% to 24%, but under Streeting's plan, it could increase to between 40% and 45%, based on income brackets. He emphasized equity in taxation, asserting that earnings from assets should not be taxed at a lower rate than wages. The proposed tax would apply to gains exceeding £3,000 from asset sales. Streeting also advocates for rejoining the EU.
Key facts
- Wes Streeting proposed equalising capital gains tax with income tax.
- Current capital gains tax rates are 18%-24%.
- Proposed rates would be up to 40%-45%.
- Change could raise £12 billion a year.
- Streeting is a potential Labour leadership challenger to Keir Starmer.
- Streeting urged Starmer to set a timetable for departure.
- Capital gains tax applies to profits over £3,000 from asset sales.
- Streeting also supports rejoining the European Union.
Entities
Institutions
- Labour Party
Locations
- United Kingdom
- Britain