The Treasury Committee wants to hear views on whether current inheritance tax (IHT) policies are effective, as part of its "Shifting Sands" enquiry into the UK tax system.
In a fresh call for evidence published on 2 December, the committee said it wanted to know how effective and economically efficient current IHT policies are as a means of taxing capital.
The committee will also look at whether IHT as a tax base is under threat as people live longer and wealth is spread more thinly from one generation to the next.
The study forms part of the committee's wider inquiry into the UK tax system, announced in January, which includes a look at the making of tax policy and the administration of tax by HMRC, and whether it is fit for purpose in 21st Century Britain.
IHT planning is considered a major growth area for advisers, with business said to be booming following the pension freedom reforms in 2015 and with property prices rising. Pension freedoms relaxed the tax rules governing the passing on of pension funds on death.
What is more, the 2015 Summer Budget saw then Chancellor George Osborne raise the inheritance tax nil-rate band by up to £175,000 per person in respect of homes passed to children or grandchildren.
This meant that by 2020 assets worth up to £500,000 can be passed on tax-free. For married couples, the combined allowance totals £1m.
A fairer tax system
The government has said it wants to ensure the tax system is fair for everyone. The Treasury Committee will look at the effects of the changing patterns of working, such as self-employment and multi-jobbing, on the country's income tax base.
It will also look at the way the UK taxes land and the "incentive effect" of the dividend tax, which sees all dividends above £5,000 taxed.
The committee wants to know whether the policy is harmful to businesses that rely on attracting personal investments in shares. It wants to further develop its thinking around tax avoidance with a view to coming up with a clear distinction between what is acceptable and what is not.
Treasury Committee chairman Andrew Tyrie (pictured) said: "In his Autumn Statement, the Chancellor said the government would consider how it could ensure the taxation of earnings from ‘different ways of working' is fair. He is right to be concerned about the sustainability of the tax base. A clear distinction is also needed between acceptable and unacceptable tax planning and avoidance."
The deadline for submissions is 24 February.
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