The International Monetary Fund (IMF) has proposed a “solidarity” tax on high-earners and companies that have prospered, as a means of improving social cohesion.

This has been met with mixed responses from the private wealth industry.

Adam Dunnett, director at trust company Zedra, described the proposal as a “bold idea”.

“In many ways the spirit of the IMF’s statement, the intentions and motivations behind it are hard to fault.”

Implementing...