Osborne has enlisted the help of former Chancellor Geoffrey Howe and senior tax specialists to propose long term tax reforms and any changes will be scrutinised by a new parliamentary committee, in consultation with industry experts, before the Budget.
In a speech to the Policy Exchange Osborne said: “By the time the legislation reaches the statute book it will have been thoroughly examined and scrutinised by the people who will have to implement it.”
Osborne also vowed to stop stealth taxes and “restore the public’s trust in taxation”.
He said the Tories would reduce corporation tax by “broadening the base” in other words by removing reliefs and allowances and said the Shadow Treasury was working with Price Waterhouse Coopers on the details. Osborne added that Grant Thornton was helping them simplifying income tax, National Insurance and the admin of VAT.
Osborne said environmental taxes were set to rise if the Tories came to power which would fund raising the inheritance tax threshold to £1m and the stamp duty threshold for first time buyers to £250,000.