Great article. The shift in what is considered "thinkable" is a really interesting point. We are seeing this exact friction play out with the Makerfield campaign and the wider Labour leadership conversation. The political appetite for wealth taxation is clearly moving mainstream, but as you rightly point out, the fiscal mechanics and behavioral realities (like HMRC's own estimates on CGT hikes losing revenue over time) mean the arithmetic remains incredibly tough.
Tax expert Dan Bridle questions the effectiveness of a wealth tax and suggests changes th capital gains tax and inheritance tax instead. He also proposes a modern property tax to replace council tax and stamp duty.
Great article. The shift in what is considered "thinkable" is a really interesting point. We are seeing this exact friction play out with the Makerfield campaign and the wider Labour leadership conversation. The political appetite for wealth taxation is clearly moving mainstream, but as you rightly point out, the fiscal mechanics and behavioral realities (like HMRC's own estimates on CGT hikes losing revenue over time) mean the arithmetic remains incredibly tough.
Tax expert Dan Bridle questions the effectiveness of a wealth tax and suggests changes th capital gains tax and inheritance tax instead. He also proposes a modern property tax to replace council tax and stamp duty.
https://taxpolicy.org.uk/2025/07/22/uk-wealth-tax-anti-growth/
Dan Neidle!