More than 120 British millionaires, including former footballer Gary Lineker, have urged the government to introduce a wealth tax targeting fortunes over £10 million. The call comes in an open letter addressed to Prime Minister Andy Burnham, who has hinted at potential tax reforms since taking office earlier this year. The signatories, coming from diverse backgrounds such as entertainment, literature, and finance, argue that a 2 percent tax on large wealth holdings could generate approximately £24 billion annually, which they say would contribute to a fairer distribution of wealth and fund public services.

The group, known as Patriotic Millionaires UK, framed their appeal as a demonstration of their commitment to the country’s future. They emphasized the distinction between taxing wealth accumulated through inheritance or investments and the earnings of those who work for their income daily. Alongside the wealth tax proposal, the letter also called for capital gains tax to be aligned with income tax rates, which supporters estimate could raise an additional £12 billion per year.

Prime Minister Burnham has previously acknowledged the need for greater tax fairness and did not rule out introducing a wealth tax during a recent conversation with Lineker on the latter’s podcast. Senior government advisers including Louise Haigh and Defence Secretary Wes Streeting have expressed openness to reforming capital gains tax as part of broader efforts to create a more equitable tax system.

Public opinion polls have shown significant support for the idea, with a majority of Britons reportedly favouring a wealth tax. However, the proposal has drawn criticism from various corners. Opponents warn that such measures could be difficult to enforce and may encourage wealthy individuals to relocate assets or leave the country altogether, potentially reducing overall tax revenue and harming investment in the UK economy. Dan Neidle, a tax policy expert, described wealth taxes as a “truly terrible idea,” favoring instead reforms to capital gains tax.

Government officials have reiterated that individuals willing to pay additional taxes can already do so through voluntary donations to HM Revenue & Customs, although records indicate that few millionaires have taken advantage of this option. Conservative sources have criticized the letter as symbolic and warned that increased taxation on the wealthy risks undermining economic growth and job creation.

Gary Lineker, whose reported net worth is around £30 million and who co-founded the Goalhanger podcast company, underscored the principle behind the appeal, stating that “paying your fair share is a basic British value” and that most wealthy individuals are willing to contribute more.

The debate over a potential wealth tax arrives amid concerns within the Treasury about a recent decline in the number of high-net-worth individuals in the UK, with some attributing the trend to high tax rates compared to other countries. Proponents contend that a well-structured wealth tax could support public finances and address widening inequality, while critics caution that it may prompt capital flight and damage Britain’s economic competitiveness. As discussions evolve, the government faces the challenge of balancing fiscal objectives with maintaining an attractive environment for investment.