Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make it her policy not to implement a wealth tax on assets above a certain threshold in the Spring Statement 2025.

The UK does not have a standalone wealth tax, though there are several long-standing taxes on assets and wealth that generate substantial revenue for the government.

In addition to collecting substantial revenue from existing taxes on wealth and assets, the UK also has a progressive income tax system.

The Government is committed to making sure the wealthiest in our society pay their fair share of tax. That is why the Chancellor announced a series of reforms at Autumn Budget 2024 to help fix the public finances in as fair a way as possible.  These and other decisions announced at the Budget will help repair the public finances and fund public services such as the NHS and education.