UK Taxation of Global Wealth

The UK Taxation of Global Wealth course examines UK tax and related issues from the perspective of wealthy families and individuals who are either resident in the UK (even if temporarily) or hold assets situated here. Capital is far more international, diverse in nature and mobile than in the early 20th Century. Gone are the landed estates situated in one country on which estate duty was easily imposed. Taxing global wealth effectively and fairly presents particular challenges for governments, demonstrated by the fact that there is very little consistency in approach even within Europe. Common reporting and greater tax transparency of offshore vehicles as well as increasing capital inequality has heightened the public debate on how wealth should be taxed.

The overall aim of this course is to look at how wealth is currently taxed in the UK and consider whether there are better alternatives.   The focus is on UK tax and particularly tax design, including consideration of connecting factors to the UK justifying UK taxation, and the wider economic implications and arguments for the taxation (or non-taxation) of the wealthy and of capital.   As wealth is typically held through trusts, foundations and similar vehicles, we consider how these should be taxed in an ideal world and whether current solutions used by the UK and other countries are sound from the tax and economic perspectives. Although the focus is on the UK tax system, we will also consider at a high level the approach to taxing wealth taken in other jurisdictions.  We also examine equitable remedies such as rescission in the context of tax disputes. 

The course is taught by Emma Chamberlain, Barrister, Pump Court Tax Chambers and Visiting Professor, Oxford Faculty of Law, Simon Douglas, Associate Professor of Law, Oxford Faculty of Law and Arun Advani, Assistant Professor in the Economics Department at the University of Warwick.