In April 2020, we commissioned 13 core evidence papers, each addressing a key issue in the principle or design of a wealth tax, as well as 24 background evidence papers, each addressing specific topics of design in greater detail and providing individual case studies of design features for countries that have or have had a wealth tax. In doing so, we drew on a wide range of expertise from across academia, policy spheres and legal practice which ultimately informed our own conclusions and recommendations to government.
In the Wealth Tax Commission’s final report, A Wealth Tax for the UK, published in December 2020, we present our findings on the principles, design and delivery of a wealth tax for the UK. We also make recommendations on specific design choices where there are clear reasons to take a particular position, leaving open some remaining issues where there are trade-offs that require the exercise of political judgement.
While the immediate setting for the proposal is the UK, meaning that specific design features and modelling are tailored to the British context, the overarching aim of the project is to stimulate and lead a global discussion about the practical steps required to implement taxes of this kind effectively across a range of countries, initially through unilateral policies of national governments but also through international cooperation as required.
This project is generously funded by the Atlantic Fellows for Social and Economic Equity COVID-19 Rapid Response Fund and by the UK Research and Innovation (UKRI) COVID-19 grant. The Atlantic Fellows for Social and Economic Equity CRRF funding covered the costs associated with the core and background evidence papers, in particular “Public Attitudes to a Wealth Tax” and “Beneficial Ownership and Wealth Taxation”.
The public attitudes paper involved new fieldwork comprising survey and focus groups with members of the public recruited by IPSOS Mori, the global market research and public opinion specialist. Said fieldwork includes a large-scale survey and series of focus groups, to learn more about public attitudes to taxing wealth, with a focus on the key features of a net wealth tax. This was a crucial element of the project insofar as it helped us ensure that the recommendations were grounded in popular support.
Additionally, the background paper on beneficial ownership was authored by Louise Russell-Prywata, a Senior Atlantic Fellow for Social and Economic Equity and Director, Policy and Programs at Open Ownership, a global initiative driving technolody and policy changes that increase corporate transparency. Her paper sets out principles for obtaining ownership information for key asset classes and examines the practical implications for policy development and creation of the necessary data infrastructure in the UK context. It highlights key issues for consideration including the complexity of transnational ownership and the role of verifying ownership information and sanctions/enforcement in reducing risk of non-compliance and avoidance.
