adam smithINSIGHTS

Aspiration is near-universal.

81% agree people should be able to keep more of what they earn and pass it on to their children.

To what extent do you agree or disagree: “People should be able to keep more of what they earn and pass it on to their children.”

41%
40%
14%
  • Strongly agree
  • Agree
  • Neutral
  • Disagree — 3%
  • Strongly disagree — 1%
  • Don’t know — 1%
insights.adamsmith.org
adam smithINSIGHTS

The public rejects taxing the family home.

66% oppose the idea that a family home passed from parents to children on death should be taxed.

How strongly do you support/oppose the following statement: “A family home passed from parents to children when a parent dies should be taxed”

39%
27%
14%
12%
6%
  • Strongly oppose
  • Oppose
  • Neutral
  • Support
  • Strongly support
  • Don’t know — 3%
insights.adamsmith.org
adam smithINSIGHTS

Voters think the wealthiest already pay their share.

69% say the top 1% (who fund ~29% of all income tax) pay their fair share or more. Only 23% say they pay too little.

The wealthiest 1% of earners pay around 29% of all income tax in the UK. Does that feel like…?

7%
19%
43%
17%
7%
8%
  • Far more than their fair share
  • More than their fair share
  • About right
  • Too little
  • Far too little
  • Don’t know
insights.adamsmith.org
adam smithINSIGHTS

Support for a wealth tax is soft.

Support for a wealth tax collapses from 61% to 37% once people are told it could drive the wealthy abroad and cut revenue for public services.

To what extent do you support or oppose a new annual “wealth tax” on individuals with assets over £10 million?

6%
10%
20%
34%
28%

And if wealthy people left, so revenue fell

10%
19%
28%
25%
12%
7%
  • Strongly oppose
  • Oppose
  • Neutral
  • Support
  • Strongly support
  • Don’t know — 3% / 7%
insights.adamsmith.org
adam smithINSIGHTS

Voters intuitively grasp the flight risk.

64% say taxes on ordinary people would rise if large numbers of wealthy people left the UK.

If large numbers of wealthy people left the UK, what do you think would happen to the amount of tax that ordinary people have to pay?

31%
33%
19%
9%
  • Rise a lot
  • Rise a little
  • No change
  • Fall a little — 5%
  • Fall a lot — 2%
  • Don’t know
insights.adamsmith.org
adam smithINSIGHTS

Inheritance tax is underwater.

45% oppose the UK’s inheritance tax versus only 25% who support it — public backing for cutting or abolishing it.

To what extent do you support or oppose the UK’s inheritance tax?

21%
24%
24%
18%
7%
7%
  • Strongly oppose
  • Oppose
  • Neutral
  • Support
  • Strongly support
  • Don’t know
insights.adamsmith.org
adam smithINSIGHTS

The ‘hostile to success’ framing lands.

53% agree Britain has become a hostile place for people who want to build wealth and be successful.

To what extent do you agree or disagree: “The UK has become a hostile place for people who want to build wealth and be successful.”

22%
31%
23%
15%
6%
  • Strongly agree
  • Agree
  • Neutral
  • Disagree
  • Strongly disagree
  • Don’t know — 3%
insights.adamsmith.org
adam smithINSIGHTS

The country is split on taxing the wealthy.

Asked to choose, 45% say keep taxes competitive so the wealthy stay and keep paying here, against 47% who would tax them more even if some leave. A two-point gap, within the margin of error.

Which comes closer to your view? (A) The wealthy should pay higher taxes even if some choose to leave the UK (B) The UK should keep taxes competitive so wealthy people stay and keep paying tax here

45%
8%
47%
  • Keep taxes competitive so wealthy people stay and keep paying tax here
  • Don’t know
  • The wealthy should pay higher taxes even if some choose to leave the UK
insights.adamsmith.org
adam smithINSIGHTS

An open goal on awareness.

Just 16% realise the number of UK millionaires has fallen over the past year (vs 44% who think it rose) — the exodus the Tracker documents is going unnoticed.

As far as you know, over the past year has the number of millionaires living in the UK…?

11%
18%
29%
16%
22%
  • Decreased a lot — 5%
  • Decreased a little
  • Stayed about the same
  • Increased a little
  • Increased a lot
  • Don’t know
insights.adamsmith.org