UK Accounting Glossary
A wealth tax is a levy on the total value of personal assets, including bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts.
Wealth Tax is a tax used in a number of European countries, excluding the UK, that consists of an annual levy on assets.
In practice, the implementation of a wealth tax necessitates clear identification as to the assets to be charged alongside an unassailable valuation as to the aforementioned assets.
In the previous year, Macron had significantly slashed the country’s wealth tax and established a new flat tax on capital gains, thus earning him the moniker président des riches.
After winning the jackpot on the national lottery, Paul had no problem getting used to his luxurious new lifestyle – however he found it particularly difficult to adjust to the wealth tax that came with it.
Some members of the American upper class believe that a wealth tax is unconstitutional and unfair; paramount almost to theft.
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This glossary post was last updated: 29th January 2019.