21st December 2025
The push for wealth taxes has been one of the defining economic debates of 2025. The question now is whether we want policies that work.
In this video, I argue that the fastest, fairest way to tax wealth is through higher taxes on the income, gains and transfers that wealth generates — not through complex and slow-to-deliver wealth taxes.
This approach raises more revenue, strengthens compliance, exposes hidden wealth, and keeps open the option of a wealth tax later if it is still needed.
If we are serious about justice, democracy and effective government, this is the path we should take.
Taxing Wealth Report 2024
Pdf 40 Pages
Not got time to read it then here is very simplified explanation.
The Wealth Tax Report 2024 argues that the UK could raise over £90 billion annually by reforming how wealth is taxed, focusing on fairness, redistribution, and closing loopholes.
Why Taxing Wealth Matters: A Simple Guide to the Wealth Report 2024
Most of us pay tax on our wages, on the things we buy, and even on our homes. But when it comes to wealth—the money made from investments, property, or inheritances—the rules are often much lighter. The Taxing Wealth Report 2024 argues that this imbalance is unfair and that the UK could raise huge sums of money, more than £90 billion a year, by changing how wealth is taxed.
What's the Problem?
Right now, the tax system leans heavily on ordinary people's wages and spending. If you earn a salary, you pay income tax and national insurance. If you buy goods, you pay VAT. But if you make money from selling shares or property, or if you inherit wealth, you often pay less tax than someone who works for a living. The report says this creates inequality: the rich get richer, while the tax burden falls on everyone else.
What Does the Report Suggest?
The authors put forward several ideas to make the system fairer:
Tax wealth like wages: If you earn money from investments or selling assets, it should be taxed at the same rate as income from work.
Change inheritance tax: Instead of taxing estates when someone dies, they suggest a "lifetime gifts tax." This means large gifts or inheritances would be taxed progressively over a person’s lifetime.
Fix property taxes: Council tax is based on outdated property values. The report proposes a proportional property tax, so people pay based on the real value of their homes.
Create a wealth register: This would record who owns what, making it harder to hide assets in offshore accounts or trusts.
Close loopholes: Many wealthy individuals use complex schemes to avoid tax. The report calls for shutting these down.
Strengthen corporate tax rules: Multinational companies often shift profits abroad to avoid UK tax. The report argues for tougher rules to stop this.
What Would This Achieve?
According to the report, these changes could raise £90-100 billion every year. That’s money that could be used to fund the NHS, schools, housing, or green energy projects. It would also make the system fairer by ensuring those with the greatest wealth contribute more.
Are There Downsides?
Critics often worry that taxing wealth more heavily could drive rich people to move their money abroad. The report argues this risk is exaggerated and that with proper enforcement, the UK could keep wealth within its borders. Another challenge is practical: valuing assets accurately and running a wealth register would be complex. But the authors believe the benefits outweigh the difficulties.
The Bigger Picture
At its heart, the Taxing Wealth Report 2024 is about fairness. It asks why nurses, teachers, and shop workers should pay more tax on their wages than millionaires pay on their investments. By shifting the focus from taxing work to taxing wealth, the report suggests the UK could reduce inequality, strengthen public services, and build a more balanced economy.