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What is a wealth tax and would it work in the UK?

It would be popular and could raise big money, but some fear it would be costly to administer and drive the rich awayClimate groups call for UK wealth tax to make super-rich fund sustainable economyA wealth tax is an annual levy on an individual’s total net assets – property, investments, cash, even antiques or art – above a given threshold. The idea is to directly target accumulated wealth, not just income. In the UK there are already some taxes on wealth – inheritance tax, capital gains tax, and council tax – that could be tightened up before a new tax is introduced. Continue reading...

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What is a wealth tax, how would it work in the UK and where else has one?

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