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 […]

MEP Bowles presses for tax simplification

MEP Sharon Bowles has called for the European Union to pay closer attention to rules which allow people to reduce their tax bill. In a speech to the Brussels Tax Forum this afternoon, European parliament Economic and Monetary Affairs Committee chair Bowles said exemptions from headline tax rates risk undermining the sustainability of public finances. […]

 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 […]

Tax-free gains? That can’t be right, can it?

When he was Chancellor of the Exchequer, George Osborne made several changes to the way in which income is taxed. Personal allowances were increased significantly above the rate of inflation; a starting rate band was introduced for savings income and, with effect from 6 April 2015, this was assessed at 0 per cent. In addition, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment