WDT — National Revenue Calculator

Aggregate WDT revenue modelled across the full UK taxable wealth distribution (Taxpayer Cohort Model). Four return tiers (Fagereng et al. 2020). UK equity return series 1947–2019.

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W_min — threshold (£m)

£2.0m

Wealth below this pays no WDT

τ₀ — floor rate

15.0%

τ_m — ceiling rate

70.0%

k — steepness (per £m)

0.001

Log₁₀ scale

Growth scenario

10.45%

Start year:

Applied across all tiers before differential

Horizon N (years)

29 years

LRR breakeven year for 2007/Balanced = 29

Budget base (£b/yr)

£1,157b

OBR total managed expenditure 2022–23

Budget growth rate

4.51%

UK historical public expenditure growth 1999–2019

SRR capitalisation ratio

3.0×

LRR floor (years of expenditure)

3.0 yrs

Running SSM + TCM…

Avg annual net revenue

—

over full N-period horizon

Post-SRR avg revenue

—

after SRR capitalised (year —)

SRR fill year

—

SWF short-run reserve capitalised

LRR fill year

—

SWF long-run reserve floor met

Revenue comparison — WDT vs current UK taxes

Current receipts: HMRC Self Assessment Statistics 2023–24 outturn and OBR Economic and Fiscal Outlook March 2024. Figures are central government receipts; council tax is local authority. WDT figures are model outputs for the selected parameters.

Revenue breakdown by wealth bracket

Sovereign Wealth Fund milestones