Government could raise £60bn from 10 tax reforms including a net wealth tax

8 July 2025 – Tens of billions of pounds could be raised by the government each year with just 10 reforms to the tax system including improving the existing system as well as a net wealth tax on assets over £10m. That’s what campaigning organisations Tax Justice UK and Patriotic Millionaires UK are proposing as a way for the government to better balance the economy and generate revenue to invest in key services to revitalise the country.

In the wake of the government’s climbdown over the ‘welfare reform bill’, as well as the change of direction to previous plans for the winter fuel allowance, the conversation has now turned to tax rises.

The campaigning organisations put forward that the existing tax system can be utilised to raise tens of billions of pounds a year by closing loopholes and changing the rate at which income from wealth is taxed. Meanwhile, implementing a new net wealth tax could raise an additional £24bn a year. In total, the ten tax reforms being proposed could raise £60bn a year to help reduce inequality and boost public spending on schools, hospitals and filling potholes, while providing revenue for tackling climate change and meeting the UKs obligations on the global stage.

In recent weeks a number of significant voices have weighed in on the conversation, most recently with former Labour Party leader Neil Kinnock backing the call for a wealth tax. Adding to the pressure, reports suggest that five of the country’s leading unions are due to lobby the prime minister to pursue wealth taxes.

Fariya Mohiuddin, interim Deputy Director at Tax Justice UK said:

“The Prime Minister and Labour government are under intense pressure right now – to find the revenue to pay for improving public services, to make people’s lives better, and to give themselves a shot at winning the next election. They’re backed into a corner by their own promises, but they have an open goal to raise the cash they need; taxing the super-rich and major corporations. As it stands, implementing a small number of changes to the existing tax system today – to tax wealth – would raise tens of billions of pounds that could be channeled straight into bringing down hospital waiting lists, delivering better education and building affordable homes. If they wanted to be ambitious to revitalise the country, they could levy a net wealth tax on the hoarded fortunes of the super-rich to give themselves billions more to play with to get on with the job of improving lives, otherwise they risk losing the next election.”

Julia Davies, member of Patriotic Millionaires UK said: “A two percent tax on wealth over £10 million could raise £24 billion a year — or £460m a week — that’s a lot of money our country can put to good use.

“It’s good to see prominent political figures supporting this policy, especially when the public and millionaires are already fully behind it — 85% of millionaires polled with £10m+ support this tax. Only 0.04% of people in the UK would have to pay it and, as millionaires, we know they wouldn’t miss it.

“This country cannot afford any more cuts or further economic uncertainty and inequality. Ordinary people can’t constantly be expected to pick up the bill while the richest of us get off lightly. 40 families in the UK now own as much wealth as half of the population — a wealth tax would help to rebalance that.

“People across the UK, and our shared services like hospitals, schools, and care, deserve a better Britain. Taxes on wealth can help to deliver this and a fairer economy. It’s time to tax the super-rich.”

Included among the 10 tax reforms to raise up to £60 billion a year are:

• A 2% wealth tax on assets over £10 million, raising up to £24 billion a year from the country’s 20,000 richest people
• Reform the capital gains system and close loopholes, which could raise £12 billion a year
• Application of national insurance to investment income, raising up to £10.2 billion a year
• Introduction of a 4% tax on share buybacks, raising up to £2 billion a year
• Mandate multinational corporations declare profits where they operate, raising just under £15 billion a year

Tax reform proposals to tax the wealth of the super-rich, and multinational corporations are overwhelmingly popular with the public, and the very wealthy themselves. Recent polling from Patriotic Millionaires UK found that 80% of UK millionaires support a 2% tax on wealth over £10million, rising to 85% of those that would be liable to pay the tax themselves. 76% support higher taxes on their own wealth if it means a more stable and equal society for future generations; and 81% think it’s patriotic to pay your fair share.

Meanwhile, polling conducted on behalf of the Trade Union Congress found that two thirds of Brits were in favour of an annual wealth tax on those with assets over £10m.

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Notes to editors:

• For further information and to arrange interviews or comment, please contact Jake Woodier, Deputy Director: Comms at Tax Justice UK on 07503789994 / jake@taxjustice.uk or Jess Beckett, Head of Communications at Patriotic Millionaires UK on  jbeckett@patrioticmillionaires.org
• Tax Justice UK is a campaigning and advocacy organisation. Our mission is to ensure that everyone in the UK benefits from a fair and effective tax system. We are not-for-profit and politically non-aligned. Tax Justice UK is a partner of – but independent from – the Tax Justice Network.
• Patriotic Millionaires UK is a non-profit organisation addressing the destabilising impact of economic inequality. We represent a network of UK millionaires using the unique voice of wealth to fight inequality and advocate for progressive tax reform.
• Recent polling from Patriotic Millionaires UK has found that:
  • 80% of UK millionaires support a 2% tax on wealth over £10million
  • 76% support higher taxes on their own wealth if it means a more stable and equal society for future generations; and 81% think it’s patriotic to pay your fair share.
• The Trade Union Congress released polling that found:
  • Two in three (67%) support an annual wealth tax for estates above £10 million including 88% of Tory to Labour switchers; and 81% of Labour voters now strongly considering Reform.
• For further information and full details of the proposed tax policies, please see the ‘Ten tax reforms and closed loopholes to raise over £60 billion in a single year’ publication.