This is Money Podcast The 37 taxes you pay and why it now takes £3.1m to feel 'wealthy'
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Aug 1, 2025 Discover the staggering 37 taxes that UK households grapple with, revealing a tax rate that could hit 57%. Explore why the government's wealth tax proposal faces challenges, with diminishing capital gains tax returns. Hear insights on what it really means to feel wealthy in different regions, especially with rising living costs. Plus, get expert advice on inheritance tax strategies and hear listeners' tax queries that unveil clever and compliant financial tactics. Tune in for a mix of practical advice and fascinating discussions!
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UK's Massive Tax Burden Detailed
- The average household pays 37 types of taxes, totaling about 57% of income.
- Many taxes are indirect and add up, surprising people when fully accounted for.
Wealth Tax May Penalize Success
- Wealth tax risks penalizing hardworking individuals, not just inherited rich.
- Homeowners endure mortgage burdens despite house price inflation benefiting banks.
High Capital Gains Tax Backfires
- Sharp capital gains tax hikes can backfire by discouraging selling.
- People change behavior to avoid high capital gains tax, lowering government revenue.