It has been nearly half a century since a wealth tax was last seriously considered in the UK. Fifty years on, much has changed in the economic circumstances of the UK, the technological capacity to administer a wealth tax, and the requirements on disclosure of offshore wealth. Old plans therefore cannot simply be picked ‘off the shelf’. And yet, at a time when we face the largest public finance crisis since the Second World War, there is clearly a renewed urgency to ‘think big’ on tax policy. We felt that the lack of a robust evidence base on wealth taxes risked leaving the UK unprepared for this critical debate. In April 2020, we commissioned a network of world-leading experts on tax policy to provide this evidence. Our contributors included academics, policymakers and tax practitioners, because it is our view that good tax design demands interdisciplinary expertise and a connection with the ‘real world’. We drew heavily on international experience, commissioning detailed studies of the operation of wealth taxes in seven different countries, written by local experts. Published in October 2020, the resulting series represents the largest repository of evidence on wealth taxes globally to date. It comprises half a million words across more than thirty papers, covering all aspects of wealth tax design – both principle and practice. In this report we draw on our contributors’ findings to inform our own conclusions and recommendations to government. We stress that these conclusions are ours alone, and do not necessarily represent the views of our contributors. Nevertheless, we thank them for their input, without which this report would not have been possible. We are also grateful for the extensive engagement of civil society organisations, representatives of business, and staff at HM Revenue and Customs (HMRC) and HM Treasury, throughout our deliberative process. Likewise, we stress that these engagements do not signify any endorsement of our view. We present below our conclusions on the principles, design and delivery of a wealth tax for the UK. We consider both one-off and annual wealth taxes, reaching different conclusions on the merits and practicalities of each. We also make recommendations on specific design choices where there are clear reasons to take a particular position, leaving open some remaining issues where there are trade-offs that require the exercise of political judgement. In particular, as we have made clear from the inception of this Commission, it is not our business to make recommendations on the rates or thresholds that should apply under a wealth tax. Nor do we endorse any specific revenue target. These are archetypal matters of political judgement and democratic deliberation, since they form the main levers that determine the distributive effects of the tax i.e. who pays and how much. Our own views on such issues carry no special weight, and indeed since we do not agree amongst ourselves on these questions, it would not in any case be possible for us to venture a consensus opinion. That said, we do provide a separate report with detailed modelling containing our estimates of how much a wealth tax could raise, and from whom, at different rates and thresholds. The options presented there, and referenced in this report, should be read as possibilities, rather than our own prescriptions. We also highlight certain key design issues and trade-offs that are affected by the rates and thresholds chosen.