Millionaires paying enough tax already, most voters say

By the Editorial Team · Monday, August 31, 2026

A recent Adam Smith Institute survey found that nearly 70 percent of British voters believe the wealthiest individuals pay a fair share of taxes, with many concerned that higher taxes on the rich could lead to increased levies on ordinary workers. This sentiment influences ongoing debates over capital gains and inheritance tax reforms, as policymakers consider balancing revenue needs with economic growth ahead of the autumn budget.

A recent survey indicates that the majority of voters in Britain believe the country’s wealthiest individuals are already paying a fair share of tax. According to research conducted by the Adam Smith Institute, nearly 70 percent of respondents felt that enough tax is paid by the top 1 percent of earners. The study also revealed that about two-thirds of those surveyed acknowledged that taxes on ordinary workers would likely increase if a significant number of wealthy people were to leave the country.

These findings come amid ongoing debates over capital gains tax policies and inheritance tax reform. The Adam Smith Institute, a centre-right think tank, has called for the abolition of inheritance tax, the phased removal of capital gains tax, and reforms to the non-domiciled (non-dom) tax regime. Non-dom status, which allowed some UK residents living abroad to avoid paying tax on foreign income, was formally ended in April last year.

The capital gains tax is currently levied when assets such as shares or investments increase in value and are sold. Basic-rate taxpayers pay 18 percent, while higher and additional rate taxpayers pay 24 percent. Andy Burnham, the Labour politician, has stated he will “look in detail” at options to equalize capital gains and income tax rates but has not committed to any specific changes. He has also previously suggested replacing inheritance tax with a dedicated levy to support social care funding.

Separate data from the Adam Smith Institute shows that the number of millionaires in the UK fell by 7 percent last year to 442,000, reportedly the lowest number since 2008. The Office for National Statistics does not provide official current figures on millionaires as it records household asset values only every two years.

The tax debate has drawn responses from opposition politicians. Sir Mel Stride, shadow chancellor, criticized Labour’s tax proposals, arguing that continued tax increases risk discouraging wealth creation and economic growth. He said that the British public understands that prosperity is generated by those who aspire to improve their lives and that burdening this group further through taxes is counterproductive.

Meanwhile, the prime minister has not ruled out the possibility of tax increases in the upcoming autumn budget, emphasizing the need to be realistic about the country’s public finances. The dialogue around taxation continues to be a focal point as policymakers weigh the balance between funding public services and maintaining economic competitiveness.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.