Thank you for contacting me about wealth taxes.
The UK does not have a comprehensive, single wealth tax, but it does have several taxes on assets and wealth. These taxes operate across many different economic activities, including the acquisition, holding, transfer and disposal of assets, and income derived from assets. The UK’s taxes on wealth are broadly equivalent to those of other G7 countries.
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.
The Chancellor keeps all aspects of the tax system under review, with any changes communicated at the relevant fiscal event.
Thank you again for taking the time to contact me.
Craig Whittaker MP