One way to be clear about the geographic wealth inequality in the UK is to look at inheritance tax receipts (remembering that only about 5% of estates pay IHT at all).
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One way to be clear about the geographic wealth inequality in the UK is to look at inheritance tax receipts (remembering that only about 5% of estates pay IHT at all).
What we see is that such wealth is skewed towards London & SE England, which is no surprise but what perhaps is, is that across the London region IHT tax receipts were higher than totals for Scotland & Wales, together!
No wonder the rich were quietly backing the Farmers 'farm tax' protests!
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One way to be clear about the geographic wealth inequality in the UK is to look at inheritance tax receipts (remembering that only about 5% of estates pay IHT at all).
What we see is that such wealth is skewed towards London & SE England, which is no surprise but what perhaps is, is that across the London region IHT tax receipts were higher than totals for Scotland & Wales, together!
No wonder the rich were quietly backing the Farmers 'farm tax' protests!
@ChrisMayLA6 to be fair, that also mirrors property prices
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To some extent, I'd imagine that is a factor, as is the clustering of the wealthy - i.e. as they become wealthy they move southwards to enjoy the fruits of that wealth better
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@simon_brooke @ChrisMayLA6 As someone based in the SW I’d be interested to see how much IHT contribution comes from second homes and people who have moved to the SW in the last 5-10 years.
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To some extent, I'd imagine that is a factor, as is the clustering of the wealthy - i.e. as they become wealthy they move southwards to enjoy the fruits of that wealth better
@ChrisMayLA6 @amokura I suspect the Southwest and East of England coming in after London and the South East partly reflects that these are regions where many of the wealthier retire to and subsequently die and their estates then pay inheritance tax.
O course the extremly wealthy often have recourse to schemes that mean that they avoid having to pay inheritance tax or they move and die abroad. -
@simon_brooke @ChrisMayLA6 As someone based in the SW I’d be interested to see how much IHT contribution comes from second homes and people who have moved to the SW in the last 5-10 years.
@spanghero @simon_brooke @ChrisMayLA6 IHT is very much a lagged indicator, and I suspect not that many wealthy retirees will have died within 5-10 years of their move, and IHT only tends to come into consideration when the survivor of a couple (most will be married) dies and probate is settled.
And second home owners will probably still be recorded as paying IHT in the region of their primary residence anyway. -
@ChrisMayLA6 @amokura I suspect the Southwest and East of England coming in after London and the South East partly reflects that these are regions where many of the wealthier retire to and subsequently die and their estates then pay inheritance tax.
O course the extremly wealthy often have recourse to schemes that mean that they avoid having to pay inheritance tax or they move and die abroad.Yes, a form of the 'clustering' that I mentioned in another reply
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@simon_brooke @spanghero @ChrisMayLA6 we get Scots moving to rural England and Wales too. No idea if they balance each other out
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@simon_brooke @ChrisMayLA6
Iniquity and injustice are supported by hierarchical, adversarial, extractive, domination systems that keep the majority fearful and tired. -
If anything in the UK we're seeing exactly the opposite - the general impoverishment of over half the population has left the ground very open for left politics - and while some would no doubt characterise that as the politics of envy, others looking at the plight of the poor might regard it as the politics of necessity
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