Taxes on wealth and spending

Press reports suggest that the Chancellor is planning an overhaul of the UK’s system of alcohol duties. The current system, which raises about £12 billion a year, is certainly ripe for reform.

Dame Angela Eagle MP and leading experts in tax discussed whether the UK should 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?

At this event, IFS researchers presented the key findings from their latest report on "Why do wealthy parents have wealthy children?", funded by the Economic and Social Research Council.

At this event, researchers shared findings from two new reports, examining when individuals should save for retirement – given factors like earnings growth and children – and how employees save in practice.

The last decade has seen considerable change to the pensions environment. This event included a keynote talk from the Minister for Pensions and Financial Inclusion, a presentation on a programme of IFS research in this area over the last two years, and an expert panel discussion of the implications of the research.

The proportion of the self-employed saving in a private pension has declined dramatically over the past two decades, leading to continued concerns about their financial preparations for retirement. At this event we presented the findings of new IFS research that has examined this trend.

This presentation was given at the launch of two reports into recent pension reforms, on retirement savings expectations and on automatic enrolment.

I see nothing objectionable in fixing a limit to what anyone may acquire by mere favour of others, without any exercise of his faculties, and in requiring that if he desires any further accession of fortune, he shall work for it.” That, from John Stuart Mill, alongside his conviction that great economic and social advantages would result from a reduction in the number of “enormous fortunes which no one needs for any personal purpose but ostentation or improper power”, has for more than a century been the central liberal case for a substantial and effective inheritance tax.

In this Facebook Live event, IFS Research Economist David Sturrock looked at the economics of pensions and the ageing population, answering questions such as how will changing demographics affect public pensions, and what can the government do about it?