Should the UK have a wealth tax?

The Wealth Tax Commission was established in spring 2020 to provide in-depth analysis of whether and if so how any wealth tax in the UK could work. See www.wealthtaxcommission.uk.

We often see reports in the press suggesting that the public supports a wealth tax; indeed whenever there is a financial or economic crisis discussion of a wealth tax returns to the agenda. People tend to be violently in favour or against. Proponents argue that a well-targeted wealth tax could raise revenue and reduce inequality; opponents point to the fact that other European countries have largely abolished wealth taxes traditionally they raise little revenue and are expensive to administer. Moreover it raises obvious liquidity issues as a dry tax is being levied without any underlying transaction. How would people fund an annual wealth tax?...