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Green Party of England and WalesTaxes

Push for a wealth tax above £10 million

“Elected Greens will push for a wealth tax. This will tax the wealth of individual taxpayers with assets above £10 million at 1% and assets above £1bn at 2% annually.”

Promised2024 manifesto, page 20, 12 Jun 2024
  1. Promised

Where it stands

The Green Party is not in government, so the card stays at Promised. Leader Zack Polanski restated the same rates in a speech on 18 March 2026 and put the yield at around £15bn a year.

What has happened

  1. Jun 2024Green Party manifesto pledges to push for an annual wealth tax, Promised

About the cost

Negative because the pledge raises money rather than costing it. Year shown: a full year of the tax, as the party's figures are yearly amounts (the £16bn is for the end of the Parliament). Party figures only: around £16bn a year by the end of the Parliament (June 2024 budget paper), around £15bn a year (Zack Polanski, March 2026; central) and £14bn in the party's 2024 breakdown, as cited by Tax Policy Associates. No official or independent costing of this design was found. Tax Policy Associates notes that Spain's similar tax raised €632m in 2023 and that the 2020 Wealth Tax Commission advised against an annual wealth tax, and questions whether the yield can be achieved.

More detail

Sources (5)
Corrections (2): what we fixed, in public
  1. Corrected on 6 Oct 2026: Cost range in version 1The range left out the party's own £14bn figure, so the central and one end were the same. All three values are now party figures: £16bn, £15bn and £14bn a year.Was: −£16bn to −£15bn a year (central −£15bn)Now: −£16bn to −£14bn a year (central −£15bn)Source for the correction
  2. Corrected on 6 Oct 2026: Cost note in version 1The note left out the party's £14bn figure, and "highly uncertain" read as the card's own view. The doubt about the yield is Tax Policy Associates', and the note now says so.Was: “Negative because the pledge raises money rather than costing it. Party figures only: around £16bn a year by the end of the Parliament (June 2024 budget paper) and around £15bn a year (Zack Polanski, March 2026). No official or independent costing of this design was found. Tax Policy Associates notes that Spain's similar tax raised €632m in 2023 and that the 2020 Wealth Tax Commission advised against an annual wealth tax, so the yield is highly uncertain.”Now: “Negative because the pledge raises money rather than costing it. Year shown: a full year of the tax, as the party's figures are yearly amounts (the £16bn is for the end of the Parliament). Party figures only: around £16bn a year by the end of the Parliament (June 2024 budget paper), around £15bn a year (Zack Polanski, March 2026; central) and £14bn in the party's 2024 breakdown, as cited by Tax Policy Associates. No official or independent costing of this design was found. Tax Policy Associates notes that Spain's similar tax raised €632m in 2023 and that the 2020 Wealth Tax Commission advised against an annual wealth tax, and questions whether the yield can be achieved.”Source for the correction
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