Ways of taxing wealth: Alternatives and interactions

Andy Summers

Wealth and Policy, Working Paper 104

30 Oct 2020

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This paper examines the role of a wealth tax in the context of the UK’s existing taxes on wealth. First, I outline several ways in which the UK could be said to tax wealth (or ‘the wealthy’) already, assessing their main deficiencies and options for reform. Second, I consider whether and under what circumstances a broad-based tax on the ownership of wealth – a ‘wealth tax’ – could be justified in addition to or instead of these reforms. Third, I consider how a wealth tax should interact with existing taxes on wealth, if one were introduced. I conclude that there is a large degree of consensus over existing proposals for how to reform our current taxes on wealth, and that most of these reforms are required whether or not a wealth tax is introduced as well.

DOI: 10.47445/104
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