Overview

• Chancellor Rachel Reeves said increases to non-domicile fees, private jet levies, second home taxes and higher capital gains rates distribute the fiscal burden fairly without a separate wealth tax.
• Business Secretary Jonathan Reynolds branded a standalone wealth tax “daft,” while Policing Minister Dame Diana Johnson urged a continued evidence-based review of such proposals.
• Former shadow chancellor Anneliese Dodds cited the 2020 Wealth Tax Commission’s finding that a 1% annual levy on millionaire couples for five years could raise £260bn.
• A leaked memo from Deputy Leader Angela Rayner outlining eight possible levies on the super-rich and corporations remains under consideration by senior ministers.
• The government faces a roughly £30bn structural funding gap ahead of the autumn budget and must navigate manifesto pledges against raising taxes on working-class incomes.