Wealthy Brits are bracing for a major shake-up of the tax system, as the UK’s new prime minister looks for ways to fund fresh spending.

The incoming Prime Minister has repeatedly backed the introduction of a 'levy on all estates' to fund social care after first proposing the idea as Health Secretary in 2010.

Matthew McGregor, who was appointed on Friday, said that hitting people with more than £10million in assets with the levy would be 'a highly popular way' of raising £24billion for…