View more on these topics

Business leaders call for tax code simplification

Parliament-Building-UK-London-700x450.jpg

Business leaders have called on the government to simplify the “punishingly complex” tax system for private companies.

In a letter to The Times today, Luke Johnson, the venture capital investor who built up Pizza Express, director-general of the British Venture Capital Association Tim Hames and accountants Grant Thornton have said that the current system “does not sufficiently distinguish between [small and medium-sized businesses] and multinationals or recognise the impact of small businesses on job creation”.

The letter reads: “The system is out of kilter with the modern economy in ways that are hindering growth and reducing trust, whether through unnecessary complexity or perceived unfairness.”

The leaders urge the government to use the Autumn Statement next month to overhaul a “daunting labyrinth” of tax rules that hinder investment in jobs and growth.

The Institute of Directors will today also publish a radical new proposal for a “SME tax” to replace corporation tax, The Times says.

Recommended

1

Andrew Tyrie demands bolstered Office of Tax Simplification

Treasury Committee chairman Andrew Tyrie has written to Chancellor George Osborne calling for a stronger, independent remit for the Office of Tax Simplification. The OTS was launched by Osborne in 2010 to identify areas of complexity in tax for the Chancellor to consider in his Budget, and the Conservatives pledged to establish the Quango on […]

 Article 50 Q&A: The negotiations to watch for 

Holly Cassell, Assistant Manager of the top-performing Neptune UK Mid Cap Fund, discusses the potential near-term impact of Article 50 and the Brexit negotiations that she believes investors should pay most attention to. Read article here Important information  Investment risks  Neptune funds may have a high historic volatility rating and past performance is not a […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Leave a comment