Labour has been encouraged to change capital gains tax rules (Image: Getty)
The man behind Labour's inheritance tax reforms has now called for them to launch a fresh raid on capital gains tax. Arun Advani, director of the Centre for the Analysis of Taxation think tank, called on the Government to "start by fixing capital gains tax" if it wanted to "tax wealth better". The Univeristy of Warwick economics professor claimed Labour double the amount of tax it collects if it moved capital gains tax to be in line with income tax.
He told the Mail on Sunday: "The current way capital gains tax is used encourages tax avoidance. If the Government were looking at taxing wealth better, it would be much better to start by fixing capital gains tax." Mr Advani, also on the advisory board for the Office for Budget Responsibility, previously conducted research that would form the basis of Labour's inheritance tax raid on farms.
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Mr Advani was behind the controversial inheritance tax reforms (Image: Getty)
He wrote a paper in 2023 that called for agricultural property relief and other "loopholes" to be scrapped.
Capital gains tax is paidon the profit someone makes above a threshold when they sell an asset such as property or shares.
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Someone paying the 40% higher rate of tax is charges 24% in capital gains tax, whereas someone paying the basic 20% rate is charged 18%.
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Figures published by HM Revenue & Customs (HMRC) on Friday revealed that the amount collected from the tax dropped 18% to ￡12 billion in the 2023-24 financial year.
It also estimated that the number would continue to drop a further 10% this year to ￡13.1 billion after the allowance was cut again to ￡3,000.
Last year, HMRC said increasing capital gains tax by 1% would raise ￡200 million a year.
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Shadow Business Secretary Andrew Griffith slammed Mr Advani's latest idea, accusing him of helping Rachel Reeves to "set fire to" the economy.
He said: "Capital gains tax is a wealth tax by another name, especially as it taxes people on the higher inflation Labour are causing.
"Arun Advani should be hiding in shame, not dreaming up new ways for this socialist Chancellor to set fire to the wreckage that remains of the economy on her watch."
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