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Wealth: Taxation

Question for Treasury

UIN 72500, tabled on 9 November 2021

To ask the Chancellor of the Exchequer, if he will publish a response to Early Day Motion 420 on Introducing a wealth tax.

Answered on

16 November 2021

The Government is committed to a fair tax system in which those with the most contribute the most. The UK already taxes assets and wealth across many different economic activities, including the acquisition, holding, transfer and disposal of assets, and income derived from assets.

Notably, the Wealth Tax Commission, which has no connection or link to the Government, found that if considering Inheritance Tax, Capital Gains Tax, Stamp Duty and Stamp Duty Land Tax, the UK is among the top of the G7 countries for wealth taxes as a percentage of total wealth.

The priority right now remains to support jobs and the economy. Getting people back to work and encouraging and incentivising businesses to take on new employees and new apprentices ultimately creates the wealth that funds our public services.

Answered by

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