In this case, the institute found, the net revenue raised by the tax falls to less than 1 billion a year.

After tax, the richest 1 per cent of households claimed 3 per cent of total income in 1977; that portion has trebled to 9 per cent today, the institute found.

Just 28 per cent of people with a non-employer defined-contribution scheme bought from a third-party provider when converting their pot into an income, the institute found.

In its summary, the institute found that the wealth taxes were not as equitable as they appeared.

It shows a city in which he wishes to visit the museum of an institute founded in 1920.