Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of introducing a one to two per cent wealth tax on assets over £10 million.

The UK system is designed to ensure among other things that the richest in our society pay their fair share on their wealth and assets, with the tax system taxing wealth across many different economic activities, including acquisition, holding, transfer and disposal of assets and income derived from assets. These tax levers generate substantial revenue, including Inheritance Tax revenues of £7 billion, Capital Gains Tax revenues of £18.1 billion and property transaction taxes of £17.3 billion in 2022-2023.