# 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.”
>
> — Green Party of England and Wales; 2024 manifesto, page 20, 12 June 2024

- **Status:** Promised
- **Status ladder:** Promised → In plan → Legislated → Funded → Delivering → Delivered
- **Policy area:** [Taxes](https://ledgergov.uk/promises/area/taxes)
- **Speaker:** [Green Party of England and Wales](https://ledgergov.uk/actor/green-party)
- **Made on:** 12 June 2024
- **Where:** 2024 manifesto, page 20
- **Cost a year:** Raises £14bn to £16bn a year (central £15bn)
- **Who it affects:** Individual UK-resident taxpayers with net assets above £10m (the party estimates about 22,000 people), with a higher rate above £1bn.
- **When:** Not stated; the party's revenue estimate is for the end of the Parliament
- **Paid for by:** Not a spending pledge; the party says the money raised would pay for its investment in public services
- **Quote source:** https://greenparty.org.uk/app/uploads/2024/06/Green-Party-2024-General-Election-Manifesto-Long-version-with-cover.pdf (checked word for word on 6 October 2026; Quoted for reporting; rights stay with the publisher)
- **Last updated:** 6 October 2026
- **Card:** https://ledgergov.uk/promise/uk-green-wealth-tax-2024

## 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.

## Timeline

- 12 June 2024, Promised: Green Party manifesto pledges to push for an annual wealth tax

## 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.

Costing sources:
- [Green Party: Investing in Hope, budget background paper (PDF)](https://greenparty.org.uk/app/uploads/2024/06/budget-background-v3.pdf)
- [Green Party: Zack Polanski speech, 18 Mar 2026](https://greenparty.org.uk/2026/03/18/zack-polanski-lays-out-plans-to-back-the-caring-majority-in-major-speech/)
- [Tax Policy Associates: Our take on the Green Party manifesto](https://taxpolicy.org.uk/2024/06/13/our-take-on-the-green-manifesto/)

## Corrections

- 6 October 2026, the how much bn per year in version 1: The 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. Now: −£16bn to −£14bn a year. ([source](https://taxpolicy.org.uk/2024/06/13/our-take-on-the-green-manifesto/))
- 6 October 2026, the cost note in version 1: The 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](https://taxpolicy.org.uk/2024/06/13/our-take-on-the-green-manifesto/))

## Sources

- [Green Party: Real Hope. Real Change. 2024 manifesto (PDF), page 20](https://greenparty.org.uk/app/uploads/2024/06/Green-Party-2024-General-Election-Manifesto-Long-version-with-cover.pdf)
- [Green Party: Investing in Hope, budget background paper (PDF), June 2024](https://greenparty.org.uk/app/uploads/2024/06/budget-background-v3.pdf)
- [Green Party: manifesto launch press release, 12 Jun 2024](https://greenparty.org.uk/2024/06/12/greens-pledge-investment-to-mend-broken-britain/)
- [Green Party: Zack Polanski speech, 18 Mar 2026](https://greenparty.org.uk/2026/03/18/zack-polanski-lays-out-plans-to-back-the-caring-majority-in-major-speech/)
- [Tax Policy Associates: Our take on the Green Party manifesto, 13 Jun 2024](https://taxpolicy.org.uk/2024/06/13/our-take-on-the-green-manifesto/)

## Checks

- Checked by AI Journalist (automated) on 6 October 2026; human editor review to come.

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