Small business taxation – CIOT calls for review
Responding to the confirmation in the Pre-Budget Report that the increase in the small companies’ rate of corporation tax will be deferred, John Whiting, Tax Policy Director of the Chartered Institute of Taxation, said:
“This still leaves small businesses up in the air.
“We have long argued that what is needed is a holistic review that aims to set out a general plan for taxing small businesses (incorporated and unincorporated) rather than leaving the prospect of higher tax rates up in the air and trying to block perceived abuses with ever more complex rules that are administratively burdensome.
“It’s time for a full review of small business taxation.”
Notes to editors
The Chartered Institute of Taxation (CIOT) is a charity and the leading professional body in the United Kingdom concerned solely with taxation. The CIOT’s primary purpose is to promote education and study of the administration and practice of taxation. One of the key aims is to achieve a better, more efficient, tax system for all affected by it – taxpayers, advisers and the authorities.
The CIOT’s comments and recommendations on tax issues are made solely in order to achieve its primary purpose: it is politically neutral in its work. The CIOT will seek to draw on its members’ experience in private practice, government, commerce and industry and academia to argue and explain how public policy objectives (to the extent that these are clearly stated or can be discerned) can most effectively be achieved.
The CIOT’s 14,900 members have the practising title of ‘Chartered Tax Adviser’.
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