Target wealth and high-value property through existing taxes

Continue taxing wealth through capital, inheritance and property taxes, including the High Value Council Tax Surcharge, rather than a comprehensive annual net-wealth tax.

Reconstruction: retain the current approach of taxing forms and transfers of wealth through Capital Gains Tax, Inheritance Tax, property taxes and taxes on investment income. Add the recurring High Value Council Tax Surcharge for owners of English homes valued above £2 million from April 2028. No comprehensive annual tax on total personal net wealth is currently implemented.

Qualification: this is the current published legal and policy baseline. It is not a newly confirmed Burnham-government policy and must not be read as a permanent rejection of a broader wealth tax.

Source: HM Treasury — High Value Council Tax Surcharge · Open reference