Wealth inequality in the UK is even greater than income inequality, with the richest 10% of households owning 40% of all household wealth. There is a growing consensus that we need to tax wealth and capital better.
Taxes on wealth could raise tens of billions of pounds annually, our research found. We set out six wealth tax policies that could raise up to £50bn in a paper in March 2023.
This money could be used to fund our public services – and support families struggling with the cost of living crisis.
We are campaigning for better taxation of wealth to fix inequality and ensure the health, education and other public services the public wants are properly funded.
Our report In Stark Relief (2019) exposes how the UK’s £1 billion annual inheritance tax reliefs favour the wealthy. It urges a review of inheritance tax breaks and calls on politicians to cap the amount that can be claimed.
Our report The World We Want (2018) sets out how the government could find the £20 billion a year extra promised for the NHS by raising taxes on wealth.
It sets out guiding principles to determine which taxes should go up.
Tax Justice UK’s vision is for a society where there is sufficient investment in public services to pay for the roads, schools and hospitals we all use.
We believe this vision is shared by the majority of people in the UK and that delivery of such a vision will require boldness and a new approach. It will mean taxing many of us more and taxing the wealthiest the most.