Dear Constituent,
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’s progressive income tax system means the top 1 per cent of income taxpayers are projected to have paid over 29 per cent of all Income Tax, and top 5 per cent are projected to have paid over 50 per cent, in 2019-20, the most recent year for which data is available.
Thank you again for taking the time to contact me.
Sincerely,
