Streeting Proposes Wealth Tax Estimating £12bn Revenue Increase

AI Summary

Wes Streeting proposed equalizing capital gains tax with income tax to raise an estimated £12 billion annually. This reform aims to create a fairer tax system and stimulate investment. Current capital gains tax has an annual tax-free allowance of £3,000, with rates ranging from 20% to 45% based on income. Streeting's ideas come amid his intent to challenge Sir Keir Starmer for Labour leadership, although no formal contest has begun yet.