Wealth tax on richest 350 could raise £15billion and reverse Tory-era welfare cuts

A wealth tax on the 350 richest families could raise billions to reverse Tory-era welfare cuts and restore winter fuel payments, according to new research.

The Share the Wealth campaign group found a 2% tax on assets over £10million of the mega-rich would bring in up to £15billion for the Treasury. It is based on analysis of all 350 individuals and families on the , which includes 156 billionaires, and a combined wealth of over £772billion.

Prominent figures on the list included ex-PM and his wife Akshata Murty, who were ranked 238th with an estimated wealth of £640million. The billionaire Duke of Westminster Hugh Grosvenor, 34, and his family were ranked 14th with a staggering £9.8billion fortune. Also on the list are Denise Coates, the businesswoman and founder of gambling firm Bet365, and her family, with a wealth of £9.4billion.

Share the Wealth said a wealth tax on all the families on the Sunday Times rich list could raise up to £15.3billion - and £9.3billion just from the top 50. This would be more than enough to fully reverse the cuts to winter fuel payments for millions of pensioners - estimated to cost around £1.4billion.

The cash could go towards abolishing the controversial two-child limit introduced by George Osbrone that has been blamed for trapping kids in poverty. It is estimated this would cost the government around £3.5billion by 2028-2029.

The campaign group says the extra billions could also reverse planned cuts to benefits and Personal Independence Payments (PIP) - a key disability benefit. But Chancellor has previously dismissed calls for a wealth tax, which would require a change to the tax system at a .

Speaking in April, she said: “I’ve been really clear about this on a number of occasions. We’re not interested in a wealth tax. Our priority is to grow the economy and that’s the way that you make working people better off and secure better public finances." Critics also claim it could lead to wealthy people leaving the country.

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But Huw Jordan, Co-Director of the Share The Wealth campaign told The : “When a 2% wealth tax on the 350 richest UK families could more than pay for fully reversing cuts to the winter fuel payment and PIP disability benefits, as well as scrapping the two-child benefit cap, it’s bizarre that there is even a debate in government about doing these things.

“Some of these billionaires and multi-millionaires have run away to tax havens to avoid paying tax in the UK, but when so many of their assets are based in this country we should be able to tax their wealth to save vital public services and benefits.

“A tiny tax on the wealth of the richest billionaires and multi-millionaires could stop cruel cuts and improve countless lives.”

Tax Justice UK has previously said setting a wealth tax on assets over £10million would only impact just 0.04% of the population - or 20,000 people. Charity Oxfam, which has backed a wealth tax, has said assets could include cash, property or land, stocks, businesses and other forms of wealth.

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