Written questions, answers and statements

Wealth: Taxation

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Question for Treasury

UIN 72500, tabled on 9 November 2021

Question

Patrick Grady
Scottish National Party
Glasgow North
Commons

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

Answer

Lucy Frazer
Conservative
South East Cambridgeshire
Commons

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

Treasury
Named day
Named day questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.