Will the UK Government Introduce a Wealth Tax?
As wealth inequality continues to dominate political debate and the UK’s fiscal pressures grow, many are beginning to ask not if, but when a Wealth Tax might become reality.
Though no formal policy has been announced, recent political signals and a refusal by key officials to rule out such a move have prompted a wave of forward-thinking Britons to explore alternative options, chief among them relocating to Portugal.
At Trinity Group, we’re seeing a notable rise in enquiries from UK-based clients preparing for a shifting tax landscape, not with panic, but with strategy.
Why Is a Wealth Tax Back on the Table?
The UK government is facing a tough balancing act: stimulate economic growth, support public services, and manage rising debt without further burdening middle-income households.
- The Wealth Tax Commission, hosted by the London School of Economics, recommended a one‑off levy of 1% on assets over £1 million (paid over five years), estimating it could raise around £260 billion – The Week University of Warwick
- Renowned economist Thomas Piketty has urged the UK to adopt Wealth taxation as a matter of social equity – The Guardian: “A Wealth Tax is the Logical Response to Inequality”
- Former ministers and policy advisors continue to leave the door open to new fiscal tools and a Wealth Tax remains on that list. FT Adviser: Is a Wealth Tax in the UK Inevitable?
- Wealth advisers warn of growing uncertainty and potential capital flight, as more individuals assess the long-term risks of staying put.
Portugal: A Strategic Destination for HNWIs
In the face of these shifting dynamics, Portugal has emerged as a strategic relocation choice for UK-based HNWIs, offering tax simplicity, legal stability and a lifestyle that appeals to families and entrepreneurs alike.
What makes Portugal attractive?
- No general Wealth Tax on global assets
- Access to residency options such as the Golden Visa and D7 Visa
- A revised NHR 2.0 regime, still offering transitional tax benefits
- Strong healthcare, safety, and EU market access
The Shift Has Already Begun
At Trinity Group, many of our clients aren’t waiting for legislation to change. They’re acting early, exploring global residency, reviewing tax exposure, and safeguarding wealth.
Our role is to provide structured, compliant solutions that ensure flexibility and peace of mind without unnecessary complexity or disruption.
What Should You Be Considering?
If you’re based in the UK with notable assets, whether linked to property, investments, business ownership, or pension holdings, consider these strategies:
- Residency & Citizenship Planning
We offer guidance on Portugal’s residency routes and other EU or global options suited to your profile.
- Cross-Border Tax Structuring
We help structure your global income and assets to optimise tax efficiency while ensuring full compliance.
- Company & Trust Formation
We establish secure company or trust structures in respected international jurisdictions such as Portugal, the UAE, Cyprus, BVI, and the Bahamas.
- Real Estate & Investment Sourcing
Gain access to exclusive investment opportunities with legal and due diligence support.
- Family Office & Succession Advisory
We support generational wealth transfer and governance strategies tailored to international families.
Final Thoughts
A UK Wealth Tax may not yet be on the statute books, but the conversation is gaining pace. For many, the risk of inaction is simply too great.
Portugal isn’t just a lifestyle upgrade. It’s a smart jurisdictional pivot with strategic value for those thinking ahead.
Trinity Group supports clients worldwide with cross-border planning, tax structuring, international company formation, and long-term residency solutions. We offer bespoke, confidential support tailored to your personal and financial goals.
Reach out to our team for a private consultation. We’ll help you explore your global options and make informed decisions for what comes next.