Will Scotland have a wealth tax before 1 Jan 2025?
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Dec 31
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Will the government of Scotland pass legislation to create a wealth tax? OR will the Westminster government pass legislation to create a wealth tax that also applies to Scotland?

This question resolves Yes if legislation that would enact a wealth tax in Scotland is passed by midnight on 31 Dec 2024, by either the Scottish or Westminster government, otherwise no. NB: the question resolves based on the date the legislation is passed, even if the tax does not immediately come into effect.

If the Westminster government passes a wealth tax that affects England and Wales but not Scotland, that doesn't count. This question resolves NO (unless the Scottish government separately passes a wealth tax that does affect Scotland.)

What is a wealth tax?

  • A tax that applies to living taxpayers' wealth in general, above a threshold (which could be £0). It still counts if there are some exemptions

  • There is no minimum tax rate for this question, even a 0.0001% tax would count

What is not a wealth tax?

  • Capital gains tax, including amendments to capital gains tax to eg cover main residences

  • Tax which only applies to property or some other specific asset class (eg crypto?) but not to wealth in general

  • Changes to inheritance tax.

Examples:

  • YES: taxpayers must pay X% of their wealth above a threshold of £Y, with exemptions for the primary residence, art works, and agricultural land. (Yes because it applies to wealth in general, with some exemptions.)

  • NO: taxpayers must pay X% of the value of second homes only. (No because it applies to a specific asset class, not to wealth in general.)

NB: I copied a lot of the wording from my other question about whether the UK will pass a wealth tax

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