Richard Murphy Suggests Radical Changes To The Budget In The Wealth Report

24th November 2025

Richard Murphy is a British economist, accountant, and academic best known for his work on tax justice and progressive fiscal reform. He is the author of the Taxing Wealth Report and a prominent voice in debates about how the UK can raise revenue fairly without burdening ordinary households.

Richard Murphy's Taxing Wealth Report 2024 sets out 30 proposals that together could raise up to £90-92 billion a year, almost entirely from the wealthiest 10% of households. They are not a single "wealth tax," but a package of reforms to existing taxes and reliefs.

Summary of the 30 Proposals

Income & Employment
Equalise tax rates on all forms of income (wages, dividends, rents, capital gains).

Apply National Insurance Contributions (NICs) to investment income.

Align NICs rates across different forms of earnings.

End preferential NIC treatment for the self‑employed at higher incomes.

Capital Gains & Dividends
Align Capital Gains Tax (CGT) rates with income tax.

Reduce CGT annual allowance.

End lower rates for business asset disposals.

Tax dividends at the same rates as wages.

Remove dividend allowance.

Pensions & Savings
Limit higher‑rate pension tax relief.

Cap annual pension contributions eligible for relief.

Restrict lifetime pension allowances.

Reform tax‑free lump sums from pensions.

Cap ISA allowances for high‑net‑worth individuals.

Restrict niche tax‑advantaged savings schemes.

Property & Land
Replace council tax with a progressive property tax based on current values.

Reform business rates to reflect land value.

Introduce land value taxation.

End agricultural property relief loopholes in inheritance tax.

End business property relief loopholes in inheritance tax.

Inheritance & Wealth Transfers
Tighten inheritance tax exemptions.

Tax gifts above modest thresholds more effectively.

End trust‑based inheritance avoidance schemes.

Reform domicile rules to prevent offshore avoidance.

Corporate & Financial Sector
Introduce a minimum corporation tax rate.

Expand the bank surcharge.

Introduce a financial transactions tax.

Limit excessive corporate interest deductions.

Restrict use of tax havens by UK companies.

Other Measures
Strengthen HMRC enforcement and anti‑avoidance capacity to ensure compliance.

Scale & Impact
Combined, these measures could raise £90-92 billion annually.

Murphy stresses that only the top 10% of earners and wealth holders would be affected.

The reforms are designed to be incremental and practical, using existing tax structures rather than creating new ones.

Trade‑offs
Implementation requires stronger property valuation systems and HMRC resources.

Political resistance from wealthy individuals, landlords, and financial lobby groups is likely.

However, Murphy argues these reforms are fairer than austerity or broad tax rises, and could fund major public investment.

In short: Murphy's 30 proposals form a comprehensive plan to close loopholes, equalise tax treatment, and target wealth more effectively. They are designed to raise huge sums without touching ordinary households, offering a roadmap for funding public services sustainably.

The Taxing Wealth Report 2024 explains how by making up to 30 relatively simple changes to the UK tax system up to £92 billion of additional tax and more than £100 billion of funds for investment could be made available to fund public services in the UK - which is more than any politician could imagine that they need.

The aim is threefold. First, the Report proves that the claim that 'there is no money left' is wrong. Second, it shows that the wealthy and well-off in the UK really are undertaxed. Third, it shows that solving the problem of funding the society that we need is not hard to achieve.

The Taxing Wealth Report 2024 is available at https://taxingwealth.uk/

ABOUT RICHARD MURPHY - The Author
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He directs the Funding the Future blog. He is a political economist and was a practising chartered accountant for forty years.

The video with transcript HERE

Listen To A podcast introducing the report

Richard Murphy's blog Funding the Future

Taxing Wealth Report 2024
Pdf 440 Pages

For a summary and breakdown of the report go HERE

More About Richard Murphy
Richard Murphy is a British economist, accountant, and academic best known for his work on tax justice and progressive fiscal reform. He is the author of the Taxing Wealth Report and a prominent voice in debates about how the UK can raise revenue fairly without burdening ordinary households.

Background
Profession
Chartered accountant and political economist.

Academic role
Professor of Accounting Practice at Sheffield University Management School.

Think‑tank work
Founder of Tax Research UK, a blog and research platform focused on tax policy.

Policy influence: Has advised parliamentary groups, NGOs, and campaign organisations on tax reform and economic justice.

The Taxing Wealth Report
Published in 2024, Murphy's Taxing Wealth Report argues that by making around 30 relatively simple changes to existing UK taxes, the government could raise up to £90 billion annually.

His proposals target the top 10% of income earners and wealth holders, leaving ordinary households unaffected.

Measures include equalising tax rates across income types, reforming capital gains and inheritance tax, restricting pension reliefs for the wealthy, and tackling offshore avoidance.

Philosophy
Murphy challenges the idea that "there is no money left" in government finances.

He stresses that tax is not just about funding spending, but also about shaping a fairer economy and reducing inequality.

He is closely associated with the Green New Deal movement, advocating for sustainable investment funded by fair taxation.

Richard Murphy is a leading UK economist and tax reform advocate, whose work focuses on closing loopholes and taxing wealth fairly to fund public services.