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Government launches new Office for Tax Simplification
The Government is launching its new Office for Tax Simplification, with the aim of streamlining the UK tax system and attracting more international investment.
The Government confirmed its intention to create the organisation in its Emergency Budget.
The body has been set up to analyse tax reliefs, allowances and exemptions, and to conduct a review of business taxation with a view to reducing complexity.
The organisation will be run by former Treasury minister Michael Jack and the Chartered Institute of Taxation's director of tax, John Whiting.
The Institute of Directors (IoD) has welcomed the move to combat what it described as 'one of the most complex tax codes in the world', but warned that the venture will only succeed 'if it has teeth'.
The business group is arguing that the Office should be genuinely independent, that it should report publicly on its plans, and that ministers should be required to respond in detail to each of its proposals.
Richard Baron, Head of Taxation at the IoD, said, 'The important thing now is to make sure that the Office achieves some early successes, and that it goes on achieving. Its recommendations must not end up stamped 'too difficult' or 'maybe in the longer term'.