Reeves Reaps More Than £30 Billion From Higher UK Wealth Taxes

Higher wealth taxes helped Rachel Reeves deliver the lowest deficit since the Labour government came to power in 2024 threatening a clampdown on Britain’s affluent classes.

For the first time, revenues from inheritance tax and capital gains tax exceeded £30 billion ($40.5 billion) in 2025-26, up almost 40% on the previous fiscal year, according to official data out Thursday.

While the revenue was generated from existing taxes on assets, some left-wing MPs want Reeves, the UK’s chancellor of the exchequer, to go further with a new tax on wealth. She responded to that pressure by introducing a “mansion tax” — ...