Poll: MPs support taxes on extreme wealth

New poll shows 58 percent of MPs polled support a wealth tax and over half support equalising capital gains with income tax

Patriotic Millionaires UK ad ‘Tax us, the super rich! We are proud to pay. Here to stay’ lands in Westminster

EMBARGOED FOR FRIDAY 25 October, 0001BST 

In the week before the Budget a new poll, commissioned by Patriotic Millionaires UK and conducted by Survation, shows 58 percent of MPs polled - and 67 percent of Labour MPs - support the introduction of a 2 percent wealth tax on those with more than £10 million. Over half of MPs support equalising capital gains with income tax, with 63 percent of Labour MPs in support of such a measure. Only 22 percent of MPs across political parties oppose these measures. 

Support for higher taxes on wealth is shared across the public, millionaires, and politicians alike. A public poll from Tax Justice UK showed that 72 percent of the UK public support a 2 percent net wealth tax, and 65 percent UK millionaires polled in May this year supported higher taxes on wealth. 

The poll comes the same week as millionaires ran ads in Westminster, calling for the Chancellor to tax the super rich. UK millionaires would be proud to pay more and they are here to stay. 

Phil White, engineer, consultant, and member of Patriotic Millionaires UK said:  “It’s rare that you get agreement between the public, millionaires, and our political representatives, but this seems to be something we can all agree on. From equalising capital gains with income, to closing inheritance tax loopholes, to introducing a net wealth tax - we all support higher taxes on the super rich. There’s nothing stopping the Chancellor from getting on with the job”

White added:  “We want the Chancellor to know that most millionaires in this country would be proud to pay more tax. We want to be a part of making this country a stronger, fairer, more sustainable society, and we are here to stay.”

A range of policies, also featured in ads taken out by millionaires and recommended by Tax Justice UK, could be introduced by the Chancellor which would tax the very richest and raise over £50 billion for the country.

Robert Palmer, Executive Director of Tax Justice UK said: "The UK is home to a lot of very rich people, many of which have said they are happy to pay higher taxes to improve key services, like the NHS, that we all rely on. Rachel Reeves should follow through on her promise to tax those with the broadest shoulders at next week's budget. The good news is that doing so is very popular with the public, so the government has an open goal to use the tax system fairly to get Britain firing on all cylinders."

ENDS//

For more information and interviews contact Rebecca Gowland, rgowland@patritoicmillionaires.org, +44(0)7968821093

Notes to Editor

Data set of MP attitudes to wealth tax and equalising capital gains. Fieldwork conducted by Survation on 25th September - 15th October 2024, covering 101 MPs. Data were statistically weighted to approximate the profile of all UK MPs. Data were weighted by political party affiliation.

Photos from Westminster - credit Tax Justice UK/Oscar Webb

From left to right: Patriotic Millionaires UK members Julia Davies, Phil White, Sarah Rambourg, Willem van Hoorn, Tim Stumpff. Credit: Tax Justice UK/Oscar Webb

Poll of UK millionaires attitudes to wealth