Against the backdrop of Covid-19 and record levels of government debt to cushion the impact of the virus on jobs and livelihoods, the question of whether a wealth tax could help fill the hole in the public finances is being much debated at present.
The idea of a wealth tax is not new. It was last considered by a UK government in the mid-1970s but has been on and off the political agenda since then. Spain, Switzerland and Norway all have an annual wealth tax of some form, as did France up until 2017.
What is a "wealth tax"? Put very broadly, a tax on the ownership of wealth – eithe...