Wealth taxes

It is surprising that, in writing about a wealth tax (“Has the time come for a modern-day businesslike Robin Hood?”, 29 December), Jim Duffy made no international comparison. The UK does not operate in a vacuum.

Not all countries have such a tax: in fact Austria, Denmark, Germany, Sweden, Spain, Finland, Iceland and Luxembourg have abolished it in recent years.

There is no wealth tax in the US, just income and property taxes.

France imposes a “solidarity tax” on any net asset over €800,000 (£709,584) if one’s total net worth is €1,300,000 or more.

Spain has a patrimonial tax which ranges from 0.2 to 3.75 per cent of net assets above the threshold of €700,000 after €300,000 primary residence allowance.

The Netherlands taxes interest income. Up to and including 2016, the rate was fixed at 1.2 per cent (30 per cent taxation over an assumed yield of 4 per cent). From the fiscal year of 2017 onwards, the tax rate progresses with wealth.

Argentina, Norway, Switzerland and Italy impose similar taxes on wealth or assets and Wikipedia has a lot more on this subject.

Perhaps Jim Duffy has forgotten that the UK already taxes dividends (over £5,000 pa now but reducing to £2,000 shortly). In addition, beneficiaries are taxed on wealth they inherit (IHT).

Many might argue that taxing wealth is unfair double taxation if the money came from income tax or was taxed in some other way as it was acquired. How would HM Revenue and Customs know whether or not wealth had already been taxed?

Instead, HMRC should go after those who are already evading/avoiding paying tax.

STEUART CAMPBELL Dovecot Loan, Edinburgh