Plaid Cymru calls for wealth tax on large corporations  

Plaid Cymru’s Westminster Leader, Liz Saville Roberts MP, has urged the UK Government to commit to creating a fairer taxation system, ensuring that ultra-wealthy and large corporations “pay their fair share”

Ms Saville Roberts argued that implementing a wealth tax on assets over £10 million would be a fairer policy.

A 2% tax on assets over £10 million could raise up to £24 billion every year.

She also argued that the UK Government should clamp down on tax evasion as well as end government subsidies for oil and gas giants.

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Cuts

In addition to raising Employer National Insurance Contributions, the Chancellor Rachel Reeves MP, has proposed a number of cuts in her first year in office including the Winter Fuel Payment and disability benefits.

Ms Saville Roberts, MP for Dwyfor Meirionnydd, highlighted how these policies disproportionately hit Welsh communities”.

Speaking in the House of Commons, she said: “Plans to plunder disability benefits and the decision to hike National insurance are examples of policies which disproportionately hit Welsh communities.

“Instead, we need fair policies like a wealth tax on assets over £10 million, ending government subsidies for the oil and gas giants and clamping down on tax evasion.

“So, when will the Government’s fiscal rules enshrine fairness where the ultra-wealthy and large corporations pay their fair share?”

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Non-dom tax status

In his response, the Treasury's Chief Secretary, Darren Jones MP said: “I think the Honourable Lady has missed the fact that this Government has changed the non-dom tax status - these are the wealthiest people in our country for many years - VAT on private schools and it’s more expensive now to fly a private jet than under the former Prime Minister under the Conservative Party opposite and as a consequence of the decisions the Chancellor took at the Budget last year, we’ve given the largest real terms increase in spending to Wales since devolution began and as a consequence of our reforms to the Bill coming on Wednesday we’ve increased the base rate of Universal Credit for the first time in many, many years.”

At the weekend, Lord Kinnock, who led the Labour Party from 1983 to 1992, told Sky News there are things the party could do that “would commend themselves to the great majority of the general public” and that these included “asset taxes”.

“By going for an imposition of 2% on asset values above £10 million, say, which is a very big fortune, the Government would be in a position to collect £10 billion or £11 billion,” he said.