| answer text |
<p>Distributional analysis published at Spring Budget 2024 shows that the overall
level of public spending received and tax paid by households continues to be highly
redistributive.</p><p> </p><p>The UK has mechanisms for taxing wealth across many
different economic activities, including acquisition, holding, transfer and disposal
of assets and income derived from assets. The UK also has a progressive income tax
system – the top 5% of taxpayers were projected to pay nearly half of all income tax
in 2023-24.</p><p> </p><p> </p>
|
 |
