"Rachel Reeves's former boss has suggested the government does not have a coherent tax strategy, amid reports the chancellor is considering a mansion tax in next month's Budget. Mervyn King, former governor of the Bank of England, told Sky News that problems within the system cannot be solved by just adding another wealth tax to it. It has been reported that the chancellor is considering a tax on high-value properties in next month's Budget."
"Lord King ran the Bank of England where Reeves spent an early part of her career for 10 years from 2003 to 2013. Speaking to Sky News on Sunday, he said that there is plenty of scope for reforming the tax system. Pointing to the reports around a mansion tax, he went on: Property taxes are [an] interaction between stamp duty, council tax, capital gains tax, inheritance tax. You don't solve that problem by just adding another wealth tax to it."
The Independent covers developing stories across reproductive rights, climate change and Big Tech, including investigations into Elon Musk's pro-Trump PAC and documentaries such as 'The A Word' that profile American women fighting for reproductive rights. The Independent provides free access to reporting without paywalls and solicits donations to fund on-the-ground journalism that hears both sides. Funding supports sending reporters to emerging stories and producing investigative reporting. Mervyn King, former governor of the Bank of England and former boss of Rachel Reeves, criticizes the idea of adding a mansion tax as insufficient. He highlights complex interactions between stamp duty, council tax, capital gains and inheritance taxes and calls for a comprehensive review of tax treatment of property, savings and wealth within 12 months.
Read at www.independent.co.uk
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