A recent written question to the government regarding the potential introduction of a wealth tax seems to have elicited an intriguing answer. Whilst not answering the point directly (no doubt to many readers surprise) the Financial Secretary to the Treasury responded stating "The UK already taxes assets and wealth across many different economic activities, including the acquisition, holding, transfer and disposal of assets, and income derived from assets." The Secretary went on to highlight the analysis of the Wealth Tax Commission that UK wealth tax levels are already very high amongst the G7 countries. Indeed, this further backs up Rishi Sunak's previous comments on the same point.
Whilst not providing a cast-iron guarantee of no such one-off or annual levy on a person's wealth being introduced, it does seem reasonable to infer that the government currently has no such plans. Given the cost of the furlough scheme to the public purse to date, inevitably this will lead to further conjecture about from which source any balancing of the books will be undertaken. Several budget announcements have come and gone without the usual suspects being mentioned (the capital gains tax rate being raised or higher rate pension relief being abolished) and one wonders if perhaps the government has something else in their sights.
Notably, the Wealth Tax Commission, which has no connection or link to the Government, found that if considering Inheritance Tax, Capital Gains Tax, Stamp Duty and Stamp Duty Land Tax, the UK is among the top of the G7 countries for wealth taxes as a percentage of total wealth.