A wealth tax to help pay for Covid? (Conservative Party Conference fringe event)

During the pandemic, UK government borrowing and spending rose to levels not seen outside of the world wars. The government have already announced almost £40 billion of tax rises this year, which will take tax revenues to their highest ever sustained level of national income. Yet even this is unlikely to be enough avoid public spending cuts, to meet the full costs of an ageing society, to deal with the various inequalities that have risen during the pandemic and to meet other challenges such as achieving net-zero emissions.

If the UK needs to raise more revenue in future, should it make more use of taxes on wealth? Even if the overall tax take doesn’t rise, should more be raised from wealth for distributional reasons? And, if we are to tax wealth more, should this be achieved by reforming current taxes, such as those on property, capital gains and inheritances? Or should the government bring in a new tax on wealth holdings? 

A recent Wealth Tax Commission recommended reforming current taxes rather than implementing an annual wealth tax, but highlighted a range of potential benefits to a one-off wealth tax. The cross-party Treasury Select Committee looked at the case for wealth taxes earlier this year, coming down against an annual levy but noting the arguments both ways on a one-off tax. They concluded that the political arguments in favour of a wealth tax would strengthen if the wealth to income ratio increases.

Whether you are pro, anti or undecided on a wealth tax we invite you to join us for our 2021 party conference debates, in person or online, as we bring together Treasury Committee members, Wealth Tax Commissioners and IFS experts to discuss the arguments for and against.

Speakers:

• Felicity Buchan MP, House of Commons Treasury Committee
• Emma Chamberlain, Wealth Tax Commission
• Stuart Adam, Institute for Fiscal Studies

Chair: John Barnett, CIOT

Venue: Exchange 1, Manchester Central (This is inside the conference secure zone so only open to those with conference passes)

Online: This event will be livestreamed on the Conservative Conference platform so can only be viewed live if you are registered for the conference. However a recording will be available for public viewing from the following day.

The format of the event will be short speeches / presentations from panellists followed by a discussion, with the opportunity for audience members to make comments and put questions. 

Those attending the events in person are encouraged to wear a facemask when doing so, unless exempt.