CIOT calls for completions, not more change, at next Budget
The Chartered Institute of Taxation (CIOT) is calling for a moratorium on further major changes to the tax system from the Chancellor, Alistair Darling, when he stands up to deliver his Budget on Wednesday 22 April.
The CIOT believes, that in these turbulent economic times, it is better to consolidate and complete what is in hand and not introduce new measures. The Institute is concerned that new proposals, however well-intentioned, will inevitably add to administrative burdens on the taxpayer when business taxpayers in particular need to concentrate on business matters.
Nick Goulding, CIOT President, says: “At a time when business and individuals are facing very challenging financial circumstances, they need stability. Part of achieving that is to ensure there is certainty and that the Government works towards a simpler and fairer tax system. If the Government wants to help people by using the tax system, reform needs to be thought through very carefully. A less complex, and therefore simpler, system would be one way to make things easier for the taxpayer.”
The CIOT’s firm view is that when the Government looks at the tax system they should take into account three underlying principles: simplicity, fairness and certainty.
Nick Goulding adds: “There are many proposals already in progress – Foreign Profits and the continuing review of HMRC’s Powers being the biggest – to give taxpayers and their advisers plenty to deal with as they grapple with the downturn.”
– ENDS –
For press information contact Simon Goldie on 020 7245 4122 (direct line), 07879 497316 (mobile). Email sgoldie@ciot.org.uk
-01.png){kind=spacer}