LL4CO Half Unit
Taxation of Wealth
This information is for the 2025/26 session.
Course Convenor
Dr Andrew Summers
Availability
This course is available on the LLM (extended part-time), LLM (full-time), MSc in Inequalities and Social Science, MSc in Law and Finance and University of Pennsylvania Law School LLM Visiting Students. This course is available with permission as an outside option to students on other programmes where regulations permit. This course uses controlled access as part of the course selection process.
How to apply: Priority will be given initially to LLM, MSc Regulation and MSc Law and Finance students on a first-come-first-served allocation.
Spaces permitting, requests from all other students will be processed on the same first-come-first-served allocation from 10am on Thursday 2 October 2025
By submitting an application, students are confirming that they meet any pre-requisites specified. Providing an additional written statement will not aid a student's chances of being accepted onto a course, and statements are not read.
Deadline for application: Not applicable
For queries contact: Law.llm@lse.ac.uk
Students are strongly recommended to take LL4CG Tax Policy and Design together with (or prior to) this course. Alternatively, students must demonstrate that they have some familiarity with key principles of tax design via previous academic or professional experience. The course is suitable for students from any social science background and non-Law students are also welcome.
This course is capped at 30 students. Students must apply through Graduate Course Choice on LSE for You.
Requisites
Additional requisites:
This course is suitable for students from any social science background, including but not only Law. No previous study of taxation is required. Some prior familiarity with tax concepts is advantageous but not essential. Students are recommended (but not required) to study LL4CG Tax Policy and Design alongside this course.
Course content
The course examines the taxation of wealth (and the wealthy) and evaluates options for reform. It addresses questions such as: Should inheritance tax be paid on lifetime gifts? Should capital gains be taxed at lower rates than regular income? What are the arguments for and against an annual wealth tax? How does the UK’s ‘non-dom’ tax regime work and how should it be reformed? What is the extent of offshore evasion and what steps can be taken to improve compliance?
We will draw on the latest research from multiple disciplines including economics, philosophy and political science, as well as law. The primary focus is on the UK context, although comparisons will also be made with other jurisdictions and students are encouraged to think about implications in their home jurisdiction. For each topic, students will learn (in outline) how existing UK taxes on wealth operate and then consider how they could be reformed.
The seminar topics are: (1) Introduction; (2) Inheritance tax; (3) Taxes on lifetime gifts; (4) Taxes on investment income; (5) Capital Gains Tax; (6) Taxes on property; (7) Net wealth taxes; (8) International dimensions; (9) Trusts; (10) Offshore evasion.
Teaching
20 hours of seminars in the Winter Term.
This course has a reading week in Week 6 of Winter Term.
Formative assessment
Students will receive formative feedback on one 1500-word essay or equivalent essay plan, based on past or sample summative essay titles.
Indicative reading
Advani, A., and Summers, A. (2023), ‘How Much Tax Do the Rich Really Pay? Evidence from the UK’, Oxford Review of Economic Policy
Advani, A., Chamberlain, E., and Summers, A. (2020), ‘A Wealth Tax for the UK’, Wealth Tax Commission Final Report
Alstadsæter, A., Johannesen, N., and Zucman, G. (2019) ‘Tax Evasion and Inequality’, American Economic Review, 109, 2073-2103
Corlett, A. (2018), ‘Passing On: Options for Reforming Inheritance Taxation’, Resolution Foundation
Delestre, I., Kopczuk, W., Miller, H., and Smith, K. (2022), ‘Top Income Inequality and Tax Policy’, IFS Deaton Review of Inequalities
Mirrlees, J., Adam, S., Besley, T., Blundell, R., Bond, S., Chote, R., Gammie, M., Johnson, P., Myles, G., and Poterba, J. M. (2011), Tax by Design: The Mirrlees Review, Vol. 2, Oxford: Oxford University Press
Office of Tax Simplification (2018), ‘Inheritance Tax Review – First Report: Overview of the Tax and Dealing with Administration’
Sandford, C. (1987), ‘Death Duties: Taxing Estates or Inheritances’, Fiscal Studies, 8, 15-23
Scheuer, F., and Slemrod, J. (2020), ‘Taxation and the Superrich’, Annual Review of Economics, 12, 189– 211
Summers, A. (2021), ‘Ways of Taxing Wealth: Alternatives and Interactions’, Fiscal Studies, 42, 485–507
Assessment
Exam (100%), duration: 150 Minutes in the Spring exam period
Key facts
Department: LSE Law School
Course Study Period: Winter Term
Unit value: Half unit
FHEQ Level: Level 7
CEFR Level: Null
Total students 2024/25: 21
Average class size 2024/25: 21
Controlled access 2024/25: YesCourse selection videos
Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.
For this course, please see the following link/s:
LL4CO Taxation of Wealth Course Guide Video https://youtu.be/PqhBQ7SA8oo
Personal development skills
- Self-management
- Team working
- Problem solving
- Application of information skills
- Communication
- Application of numeracy skills
- Specialist skills