CIOT/IFS debate: The Generations Game - should we change how we tax inheritance?

Few taxes divide opinion as strongly as inheritance tax. The majority of people think it unfair even though only 4% have any inheritance tax liability when they die and over 70% of tax is paid by estates worth over £1 million.

This may stem from the fact that the healthy, wealthy and well advised are better placed to organize their affairs to avoid the tax. Many people aspire to wealth levels at which they would end up paying inheritance tax but do not see themselves as rich enough to be involved in family wealth planning around it. All this lends it the air of a tax on aspiration.

As concerns over inequality grow, would it be feasible for the UK to seek to raise more in inheritance tax from the very wealthy? Are there other more effective and less unpopular ways of taxing transfers of wealth on death?  Why does the current system raise so little, especially given the sound and fury it provokes? And does Ireland offer lessons for the UK? Join us for a panel discussion on these questions, with speakers:

Emma Chamberlain OBE, Barrister at Pump Court Tax Chambers, CIOT Council Member, and co-author of chapter in the Mirrlees Review on taxation of wealth and wealth transfers.

Kieran Twomey, Founding Director, Twomey Moran, and Council Member, Irish Tax Institute.

The debate will be introduced by John Cullinane, Tax Policy Director, Chartered Institute of Taxation and chaired by Paul Johnson, Director, Institute for Fiscal Studies, who will also provide some background analysis.

The debate will conclude by 20:00 and will be followed by a drinks reception. This event is free to attend but must be registered for.

This is the tenth in a series of lectures and debates being organised by the CIOT and the IFS to promote debate among policy-makers, opinion-formers and the wider tax and economics communities on the future of the UK and international tax systems.

If you have any questions about this event, please contact Karina Pomeranceva at @email.