This article models the potential effects of introducing a tobacco price cap alongside tax increases in England to reduce smoking-related inequalities. It finds that limiting the profits and pricing power of tobacco companies, while still raising taxes, could lower cigarette prices for consumers less aggressively than industry-led pricing strategies, helping reduce consumption without disproportionately burdening lower-income groups. The analysis suggests that such a policy could both decrease smoking prevalence and narrow socioeconomic health inequalities, while also curbing excess industry profits.