Accumulated Wealth Tax (AWT)
An individuals accumulated wealth in cash (bank accounts), savings, investments, property etc. will be taxed. Also goods and chattels accumulated will be taxed via an assessment of insurance policies individuals own. On and Off shore accounts are included.
The value of accumulated wealth to be taxed will be the average value over each 12 month assessment period.
The percentage of tax levied may vary between wealth accumulation vehicles e.g. savings may be at a lower figure compared to property owned.
Note: AWT will operate in the context of the COMPLETE removal of Income Taxation, meaning persons income will not be taxed, instead their accumulation of wealth will be. Inheritance tax will also be abolished.
Companies established to manage/store an individuals or group of individuals wealth will also be subject to AWT unless they produce products or deliver services.
The value of accumulated wealth to be taxed will be the average value over each 12 month assessment period.
The percentage of tax levied may vary between wealth accumulation vehicles e.g. savings may be at a lower figure compared to property owned.
Note: AWT will operate in the context of the COMPLETE removal of Income Taxation, meaning persons income will not be taxed, instead their accumulation of wealth will be. Inheritance tax will also be abolished.
Companies established to manage/store an individuals or group of individuals wealth will also be subject to AWT unless they produce products or deliver services.
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