Mr Brown has been awarded an Honorary Fellowship of the Institute. This award is a mark of excellence bestowed on the grounds of particular distinction in the field of taxation.

Commenting ahead of the presentation, which will take place at a virtual ceremony later today, CIOT President Peter Rayney said:  “Gordon Brown is one of the great reforming Chancellors who has shaped the tax and related benefits system like few before or since.

“In 10 years as Chancellor he made significant changes which strengthened the competitiveness of the UK as a location for holding companies and many business friendly tax measures.

“He introduced business asset taper relief, the forerunner of Entrepreneurs’ Relief – which we now call Business Asset Disposal Relief. He introduced working tax credits, the first ISAs and a simplified regime for pension tax relief.”

He added: “He launched the Disclosure of Tax Avoidance Schemes (DOTAS) regime which was a game changer to tackling marketed tax avoidance. And he negotiated changes to the EU Savings Directive to focus it around transparency and exchange of information, rather than withholding taxes. This approach has been the blueprint for subsequent international agreements to combat tax evasion.

“In recognition of all of these achievements and many others, Gordon Brown is a deserving recipient of a CIOT Honorary Fellowship.”