Tax system ‘not fit for purpose’, says think tank, as UK’s wealthiest pay less tax. Eight of the UK’s 10 wealthiest people and families were absent from a list of top taxpayers

Good for them! Though I only used 20% in line with blahblahblah's post, same principle applies but perhaps with just 2% of bricks going each year.

Did a very quick google and found this. Not sure how relevant it is, but I agree with this chunk:

An annual wealth tax

This was roundly rejected by the Wealth Commission – the increased administration costs would be too great at the £500,000 mark and the liquidity issues would be much more difficult to allow for. There would also be potential changes in behaviour that an annual tax would bring – more wealth being held overseas, for example.

It was therefore recommended that if the Government wanted a more long lasting tax rise, instead of introducing a new tax, the existing taxes on wealth should reformed. Major structural reforms and not just tinkering around at the edges – so inheritance tax, capital gains tax and council tax should all be considered.

An annual wealth tax was seen to be a poor relative of this approach.

A wealth tax for the UK? | PKF Francis Clark (pkf-francisclark.co.uk)

I wouldn't be against a one-off wealth tax per se, but very sceptical about an annual one.

/r/ukpolitics Thread Parent Link - independent.co.uk