Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential implications for her policies of the finding of the Adam Smith Institute millionaire tracker.

The Government is committed to making sure the wealthiest in our society pay their fair share of tax. That is why the Chancellor announced a series of reforms at Autumn Budget 2024 to help fix the public finances in as fair a way as possible, while ensuring the UK tax system remains internationally competitive.

As part of this, the Government is increasing the main rates of Capital Gains Tax (CGT) to 18 and 24 per cent. The Government also confirmed its plans to remove the outdated concept of domicile status from the tax system and to replace it with a new residence-based regime from 6 April 2025. This will ensure that everyone who makes their home in the UK pays their taxes here.

These and other decisions announced at the Budget will help repair the public finances and fund public services such as the NHS and education.