Due to historical pressures, the tax systems of the UK, Europe and the US have evolved very differently. Martyn Gowar advocates re-writing the book to simplify the situation for wealthy individuals

Imagine yourself, if you will, as a successful lawyer in 1850. You have a thriving practice and, with your wealth, you have built a house on a nice plot of land in the open fields two miles from Marble Arch. It is the envy of your neighbours – smart, spacious and comfortable. Over the years with your growing family it suits you very well and you are able to hand it on to the next generation.

Fast forward to the world of 2010 and see with horror how successive owners have built in the grounds, reduced the heights of the ceilings, put in insulation, put in central heating and still the rooms are too large! The heat goes out through the windows (because the house is listed and double glazing is not permitted as the local authority wants to keep the original glass), it costs a fortune to run, the wiring needs updating again and the inadequate driveway is struggling to accommodate the number of cars that the inhabitants want to leave in the makeshift garages that have also been constructed. At some stage, the question of whether the best thing to do is to knock the whole thing down and start over again is sure to be asked.