Calls from the Wealth Tax Commission – a body of tax specialists and academics – for a one-off tax raid on ‘millionaires’ that could raise £260 billion has been met with a mixed reaction from the UK private client sector.
Research by the team of over fifty international specialists on tax policy and practice recommended that a one-off wealth tax would be paid by any UK resident (including ‘non-doms’ and recent emigrants) with personal wealth above a set threshold, would include all assets such as main homes and pension pots, as well as business and financial wealth, but minus any debts such as mortgages, and would be...