The Treasury has dismissed argument for a ‘flat tax’ – according to
information obtained by the Financial Times.
Papers released under the Freedom of Information Act suggest the Treasury is
not keen on the idea of a simplified tax system comprising the same rate of tax
on all income.
The move would not necessarily increase compliance, nor would it be
necessarily progressive, the discussion paper said. Evidence on increased
compliance was ‘at best mixed’, and suggestions that all would gain from a
trickle down effect of the tax system required ‘heroic assumptions,’ the
Treasury document said.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals