David Gauke, Exchequer Secretary to the Treasury, has released nine separate documents which relate to tax. These documents are for discussion and consultation with the aim of providing individuals and businesses with the opportunity to have their say on the proposed tax reforms being initiated by the new government.
In the Budget back in June, the Chancellor laid out plans to reform taxation in the UK, making it simpler, more predictable and more stable. The nine documents which have now been published relate individually to PAYE reform, Pensions Tax Relief, Disclosure of Inheritance Tax avoidance, Controlled Foreign Company interim improvements, National Minimum Wage regulations, Furnished Holiday Lettings, Associated company rules, Foreign branch taxation and Modernisation of Investment Trust Company rules.
Mr Gauke said: “We want to make the tax system simpler and work better for the taxpayer. By reducing burdens, making the right choices and involving taxpayers, we are sending a very clear signal that Britain is open for business.
“We are committed to a more considered and open approach to tax policymaking. That is why consultation and scrutiny of our tax policies will be the cornerstone of our tax policymaking process. I want to encourage relevant parties to provide their feedback on the tax consultations we have published.”
These consultation documents have been welcomed by the CIOT. Their president Vincent Oratore commented: “We welcome the new Government’s commitment to meaningful consultation on tax issues. This is more evidence of the willingness of the administration to listen to the concerns and suggestions of the tax profession and work with us to produce a more efficient tax system.”
He concluded: “The Government’s objective of simplifying the system and reducing burdens on business and individual taxpayers is one that the CIOT shares. The more comprehensible the tax system the more likely it is to command public and business confidence and the more likely taxpayers are to get their tax right.