Taxing Wealth
Wealth inequality in the UK is surging, while millions don’t have enough to get by. All the while our underfunded NHS and public services continue to struggle. We need to tax the very rich more to save our society.
What’s the problem?
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The wealth of the super rich is ballooning
The UK is home to an extraordinary number of billionaires – their wealth has increased twelvefold in thirty years. While the world’s ten richest men recently doubled their fortunes in the space of two years.
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Poverty and inequality are surging
At the other end of the scale, poverty is surging. Fodbank use is up nearly ten fold since 2012. The gap between those at the top of the wealth scale and those at the bottom is widening, with women and minority groups especially affected.
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The NHS and public services are in crisis
The NHS, our schools, emergency services and local councils are all crying out for more funding to keep their essential services running. These things aren’t ‘nice to haves’, they’re necessary. We need more tax revenue to keep them running.
How can we fix it?
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New taxes on wealth
We’re campaigning for a new wealth tax: a 2% levy on individuals who own assets worth more than £10 million – it would affect 0.04% of the UK population and would raise £24 billion a year. We’re also campaigning to apply national insurance to investment income, raising up to £10.2 billion a year.
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Reform existing taxes on wealth
Those who get their income from stocks, shares and other assets often pay far less tax than those who work. We campaign for the tax rates on these forms of income to be equalised with income tax. So we all pay the same rates. It could raise £16.7 billion a year.
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Clamp down on tax havens
Hundreds of billions of pounds are lost every single year to tax avoidance via tax havens. We campaign for global action against tax havens. We’re demanding more transparency – and global minimum rates of tax, so countries aren’t undercutting each other.
Taking the message to Downing Street
^ Watch our Head of Advocacy and Policy Rachael Henry deliver a wealth tax message outside Downing Street in 2023.
Resources
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In Stark Relief
How inheritance tax breaks favour the well off
This report provides evidence of how inheritance tax reliefs work to protect the assets of already wealthy families in a way that is hard to justify.
Download Report -
The World We Want
The role of taxes in funding the NHS and other public services
This report provides evidence of how inheritance tax reliefs work to protect the assets of already wealthy families in a way that is hard to justify.
Download Report -
A manifesto for tax equality
This report provides evidence of how inheritance tax reliefs work to protect the assets of already wealthy families in a way that is hard to justify.
Download Manifesto
Recent news
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Is the government about to get serious on taxing wealth?
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Panel of swing voters have their say on Labour, taxes and public services ahead of Budget
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Is the chancellor about to change Capital Gains Tax?
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