Lord Taylor of Warwick – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-04-26.

To ask Her Majesty’s Government what assessment they have made of the claim by the Institute for Fiscal Studies that the proposal to stop collecting data on the wealthiest 1 per cent in the UK would lead to their wealth being underestimated.

Lord O’Neill of Gatley

The Government is not proposing to stop collecting data on the wealthiest 1 per cent in the UK.

HM Revenue and Customs consulted on a proposal to cease producing statistics on personal wealth based on Inheritance Tax returns. The consultation suggested that the Office for National Statistics’ estimates of personal wealth, based on the household Wealth and Assets Survey, give a better indication of the overall distribution of wealth.

The Government has not yet published a formal response to the consultation, which has now closed.