Originally Posted by Chilliblu
Be careful about "taxing the super rich" you would be surprised who they class as rich these days. There was talk in the Sunday papers about a "one off" tax for the rich. The article was talking about rich people paying a 1% tax on assets. Reading deeper that classed someone with assets as over £500,000 as being rich. There must be an awful lot of people in this country that are not rich but have assets (including your home) that equate to more than £500,000. If they start to include pension funds then it really would hit a lot of people who definitely are not "Rich".


Terms like rich and poor aren't absolutes, though. You might not consider yourself to be rich, but if you have paid off your mortgage and have a house worth £375k, financial assets (savings, shares etc) of £115k, Possessions (including cars, art, antiques, guitars) worth 80k and a pension pot of 500k then you are very definitely rich as that puts you in the 9th decile of household wealth, ie richer than 80% of the population.

Median household wealth (all the above added together) is less than £300k.

I think the problem is that many people compare their wealth only in one direction - they look at the comparatively few people they know who are wealthier than them, and don't look at the thousands of people who are considerably less well-off.

https://www.ons.gov.uk/peoplepopula...ealthingreatbritain/april2016tomarch2018

To someone who has say a million quid's worth of assets, a one-off asset tax of £10k would be uncomfortable but shouldn't be too disastrous. Sell a few guitars, forgo a couple of foreign holidays, don't buy a new car for a couple of years, tell the kids there's no more to come from the bank of mum and dad, stuff like that should cover it I would imagine.


Tim H.
1986 4/4 VVTi Sport, 2002 LR Defender, 2022 Mini Cooper SE