New research from UK pollster Ipsos MORI shows 44 percent of Britons claim they are prepared to pay more tax to fund public services in the wake of the Covid-19 pandemic, with another 27 percent undecided or neutral.

Only 29 percent said they would rather see cuts to public services, than personally face a tax rise.

A wealth tax was the most popular tax-raising measure, favoured by 41 percent of respondents as a first choice. Three-quarters of respondents supported a wealth tax either as a first, second or third preference.

Chart: Ipsos MORI

When asked who should pay a new wealth tax (NWT), the most popular answer was those with total wealth over £500,000 (approximately 10 percent of the population). However, more Conservative than Labour voters prefer that a new wealth tax be limited to the top 1 percent of the population with total wealth over £2 million.

The most popular arguments in favour of a wealth/fortune tax is to close the gap between rich and poor (36 percent).

Shona Lowe, private client and corporate director at Standard Life’s 1825, said for high net worth individuals “the overall train of direction indicates certain tax rates will increase or reliefs will be reduced”.

“HNW individuals should always make use of the allowances, exemptions and reliefs available to them, even if changes are being proposed,” Ms Lowe said.

“Importantly, this is about being tax efficient and operating within the rules and spirit of the tax legislation to pay the right amount of tax – this is not about tax evasion or avoidance.”

Trinh Tu, a research director at Ipsos MORI said: “Novel taxes such as a wealth tax clearly do have a degree of popularity and could be used to help prevent cuts to public services which the public does not want to happen.”

Ipsos MORI interviewed a representative sample of 2,243 British adults aged 16-75 during July 2020.