Wealth Tax Reform

That the Parliament notes the recent Fraser of Allander publication, Does the case for reform of wealth taxation outweigh the practical challenges?; understands that wealth inequality in Scotland is significant and rising, with COVID-19 likely to contribute further; believes that the current means of wealth taxation are not reducing the inequality gap; notes that, at present in the UK, wealth taxes come in two forms, wealth transfer taxes and capital gains tax; believes however that both of these are set up with many reliefs, allowances and exceptions hindering their effectiveness; recognises the publication’s discussion of a tax on net wealth, which, although posing practicable difficulties, is not insurmountable, and believes that, when Scotland gains greater financial responsibilities, there should be a focus on a more equitable distribution of wealth in the country and that wealth tax reform, and perhaps a serious discussion around a net wealth tax, would help to achieve this.