Home›Global Markets›Trade & Tariffs›UK academics say wealth tax on super-rich could raise…

UK academics say wealth tax on super-rich could raise £10bn yearly

They propose a 2% minimum charge on households with over £100m in wealth, aimed at fewer than 1,000 families.

Reported · Written up by our desk · Trade & Tariffs

Academics cited by the Guardian Business said a UK wealth tax targeting the super rich could raise as much as £10bn a year, if a 2% minimum charge is applied to households with more than £100m in wealth.

The study, led by Gabriel Zucman of the Paris School of Economics and Ben Tippet of King’s College London, estimates the tax would affect fewer than 1,000 of the richest UK households.

The proposal would require HMRC to calculate accumulated wealth for those families, drawing in assets including property, private businesses, pension wealth, art, land, and charitable holdings under their control.

Zucman argued that because the measure is aimed at a small group, standard criticisms of wealth taxes such as administrative complexity and liquidity constraints would be less applicable, and the plan would include a rule requiring payment for at least 10 years after a family leaves the UK, per the report.

More like this

Sources