In the UK there are already some taxes on wealth – inheritance tax, capital gains tax, and council tax – that could be tightened up before a new tax is introduced. The prosA modest wealth tax aimed at the ultra-rich, for example those with assets over £10m, could generate significant funds. Today the richest 1% in the UK own more wealth than the bottom 70% and, according to Oxfam, UK billionaires pay “effective tax rates close to 0.3% of their wealth”. It also highlighted other places where the introduction of a wealth tax led to little or no “wealth exodus”. In shortThere are real challenges in designing a wealth tax and administrative complexity would be a continuing issue.