Figures in the private wealth sector have warned against a wealth tax which academics say could pay off the UK’s Covid-19 relief bill within five years.

A “one-off” wealth tax on millionaire couples paid at 1 percent a year for five years would raise £260 billion, according to the final report of the Wealth Tax Commission, published today (9 December).

However private wealth practioners have argued such plans will penalise those with valuable homes but little liquid...