120 UK millionaires urge 2% wealth tax on assets over 10 million pounds

A group of 120 UK millionaires, including former footballer and presenter Gary Lineker, musician Brian Eno and screenwriter Richard Curtis, has called on the government to introduce a 2% annual wealth tax on assets above 10 million pounds. The group, which calls itself Patriotic Millionaires, sent an open letter to the new Prime Minister arguing that the levy could raise 24 billion pounds a year. In the letter they said: "We want you to tax us, we can afford it. We're not talking about higher taxes on those who get up and go to work for their income every day, but on the very richest, whose income is derived from the wealth they hold."

The proposal has drawn sharp criticism, particularly over its practicality and the risk of driving wealthy individuals out of the country. Critics point to the experience of France, which tried a similar wealth tax and abandoned it after it failed to raise the expected revenue and prompted an exodus of high earners. They also argue that administering such a tax would be extremely difficult, requiring annual valuations of everything from fine art to wine cellars, and that the cost of enforcement could outweigh the gains.

Gary Lineker's involvement has attracted particular scrutiny because of his own recent tax history. In December 2024 he settled a long running 4.9 million pound dispute with HM Revenue and Customs over IR35 rules, which determine whether a worker is employed or self employed. The settlement drew a line under a seven year investigation into his freelance contracts with the BBC and BT Sport. Critics have accused him of hypocrisy, arguing that if he genuinely believes in higher taxes he could make a voluntary contribution to the Treasury rather than calling for a compulsory levy.

Brian Eno, speaking to 5 News, defended the proposal. He said he wanted to live in a country that works and argued that the trickle down effect, the idea that tax cuts for the rich benefit everyone, has failed. He dismissed concerns about people leaving the country, saying the number who would move to avoid the tax is relatively small and that most wealthy people have deep roots in the UK. He also stressed that the group is not asking for a huge sacrifice, noting that someone with 10 million pounds is already very comfortable and that a 2% tax on anything above that is not a huge ask.

The debate comes as the new Labour government considers its first budget. The Prime Minister has not commented directly on the proposal, but the Chancellor has previously indicated that the government is focused on economic growth and that any tax changes must not damage the UK's competitiveness. The Patriotic Millionaires group says it wants to start a conversation about how wealth is distributed and to challenge the assumption that the rich should always pay less tax.