A wealth structuring specialist has said that any changes to wealth taxes in order to pay the UK’s COVID-19 bailout bill must be “meticulous” to avoid unintended consequences.

HM Treasury is canvassing the private banking industry on ways that the rich could help pay for the mounting cost of coronavirus relief measures and Simon Gorbutt, director of wealth structuring solutions at Lombard International Assurance has said that calls for a ‘wealth tax’ reflect a sense that the rich are better equipped to isolate themselves from the impact of COVID-19 and should therefore be called upon to bear the brunt of the cost.