Petition Commission a Treasury Review On The Practicalities Of Levying A Wealth Tax.
We believe the government should study the practicalities of a tax on wealth. This should include studying wealth taxes internationally and the work of think tanks, to consider appropriate thresholds and percentages. This could also consider an exit tax designed to reduce tax avoidance.
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A wealth tax could raise large amounts of money while taxing only the wealthiest few percent, matching the government's desire that those with the broadest shoulders should bear the heaviest burdens. We believe this could allow greater government investment and we think this would be widely supported by the public and would not be breaking manifesto pledges. Various respected bodies have advocated for this and the government has the ability to analyse and implement their work which we believe could improve all our lives.
At 10,000 signatures...
At 10,000 signatures, government will respond to this petition
At 100,000 signatures...
At 100,000 signatures, this petition will be considered for debate in Parliament
Related activity
Government responds to petition on a Wealth tax in the Autumn Budget
The Government has responded to a public (paper) petition calling for consideration of wealth taxes when allocating funds in the budget. The petition was presented to the House of Commons by Richard Burgon MP on behalf of residents of the United Kingdom.
The petition asks the House of Commons to levy a 2% Wealth Tax on assets over £10 million and end subsidies for fossil fuels.
In response to the petition's request, the Government stated that the Budget had reformed the capital gains tax, inheritance tax and stamp duty land tax. The Government has increased the main capital gains tax from 18% to 24%, and will raise an additional £2 billion from inheritance tax. It will increase the stamp duty land tax higher rates for additional dwellings surcharge from 3% to 5%.
The Government confirmed at the Budget that the rate of the energy profits levy will increase by 3 percentage points to 38%, taking the headline rate of tax on the oil and gas sector to 78%.
What are public (paper) petitions?
A public (paper) petition is a petition to the House of Commons presented by an MP.
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