Annual wealth tax proposed in Scottish Green election plans

Those with assets worth £3.4 million would pay a 1% tax rate on their annual income, under the plans.

An annual wealth tax has been proposed by the Scottish Greens (PA) (PA Wire)

The Scottish Greens have proposed introducing an annual tax which targets the wealth of the “super rich”.

Lorna Slater, the party’s co-leader, said the plans would raise £70 billion a year to fund public services like the NHS.

The policy is set to be part of the Scottish Green manifesto, which will be published in the weeks ahead of the General Election, and will include taxing the wealthiest 1% of UK households.

It would start at a 1% tax rate for those with assets worth £3.4 million, rising to 5% for those with £5.7 million and above.

A 10% rate would be imposed for those with assets of at least £18.2 million.

It comes after the party announced on Friday it would put forward a record 44 candidates to contest seats at the election.

Ms Slater said: “The last few years have been really tough for millions of families across the UK. People have struggled with sky high bills, soaring costs and stagnating wages.

“Yet, for the super wealthy things have never been better. They have continued to get richer while inequality has got worse and worse.

“There is more than enough money in the UK to ensure that everyone can grow up with warmth and security, but so much of it is being hoarded by a tiny number of extremely wealthy people who don’t need it.

“A fair income tax system is important, but it misses the vast majority of the money being accumulated by the super rich. That is why it is so crucial that we tax their overall wealth.

“Over the weeks ahead every party will make big promises about what they will do in power. Only the Scottish Greens are being honest enough about how we would fund it and who would pay for it.”