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Should the UK have a wealth tax?

01 December 2020 / Emma Chamberlain
Issue: 4771 / Categories: Comment & Analysis
33173
Wealth tax – worth the hassle?

Key points

  • A wealth tax is usually a tax on a person’s net wealth.
  • Lack of understanding of the richest households may impede policy making when considering a wealth tax.
  • Does the UK need to add another levy to its already complicated tax system?
  • Many European countries which had a wealth tax have abolished it.
  • A low threshold and flat rate may reduce fragmentation of assets.

The Wealth Tax Commission was established in spring 2020 to provide in-depth analysis of whether and if so how any wealth tax in the UK could work. See www.wealthtaxcommission.uk.

We often see reports in the press suggesting that the public supports a wealth tax; indeed whenever there is a financial or economic crisis discussion of a wealth tax returns to the...

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