CIOT: Institute welcomes tax simplification proposals
The Chartered Institute of Taxation (CIOT) has welcomed today’s announcement by the Chancellor that he will be making a number of changes to simplify the tax system, including abolishing 43 tax reliefs.
CIOT President Vincent Oratore said:
“The Chancellor has today taken important steps forward towards simplifying the tax system. These build on the important and thorough reports from the Office of Tax Simplification, tackling difficult issues. The Chancellor has today grasped the nettle of implementing them, although there is a long way still to go. The commitment to consult on integrating the operation of NICs and income tax, the commitment to review the taxation of small business and the elimination of 43 reliefs are all be welcomed.’
“Simpler tax laws mean an easing of the administrative burden on business, individual taxpayers – especially the unrepresented – and HMRC. They make the tax system more transparent and more comprehensible, and therefore more likely to command public and business confidence. They also mean fewer loopholes and distortions, leading to fewer unintended consequences and fewer opportunities for tax avoidance.
Vincent Oratore added:
“While the OTS is carrying out excellent work, there is also a pressing need for improvements in the parliamentary process for scrutinising new and existing tax laws. The CIOT will be continuing to press for improvements in this area, including the setting up of a Joint Committee on Taxation.”
Notes for editors
1. 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 more than 15,000 members have the practising title of ‘Chartered Tax Adviser’ and the designatory letters ‘CTA’.
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George Crozier
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