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Should the UK have a wealth tax? The Wealth Tax Commission five years on

Dec 1, 2025
Join Professor Arun Advani, an economics expert, Emma Chamberlain, a tax barrister, and Dr. Andy Summers, a law scholar, as they dissect the relevance of a wealth tax in the UK. They reveal how the Wealth Tax Commission emerged during COVID and debate the merits of a one-off versus an annual wealth levy. Discussion includes the challenges of valuation, the impact on savings and investment, and the political obstacles faced in implementing reforms. They also explore international tax examples and the implications for funding public services.
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INSIGHT

Commission Grew From A COVID Phone Call

  • The Wealth Tax Commission began as a short COVID-era project and expanded into 38 papers with 51 contributors.
  • Arun Advani and Andy Summers recruited Emma Chamberlain and many experts to address practical valuation and avoidance issues.
INSIGHT

One-Off Tax Avoids Lifetime Distortions

  • The Commission favoured a one-off wealth tax in 2020 because COVID was a credibly unusual shock.
  • One-off taxes avoid long-run behavioral distortions that recurring wealth taxes induce.
ADVICE

Frame Levies As Recovery Taxes

  • Do not present a one-off recovery levy as a permanent wealth tax if you want political credibility.
  • Emma Chamberlain suggested branding it a COVID recovery tax to improve public acceptance.
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