Plans to stop collecting data on wealthiest 1% in UK criticised by IFS

Institute for Fiscal Studies warns about accumulation of wealth by top 1% and says HMRC proposals to stop collecting data would create misleading picture

Proposals by the UK government to stop collecting information showing how the wealthy pass on their assets from one generation to another have been condemned by the Institute for Fiscal Studies, a leading tax and spending thinktank.

The IFS said Britain was in danger of allowing a misleading picture to emerge of its richest families, the top 1% whose wealth is at least 1.4m including the value of their home, that underestimates their wealth.