Lord says finance bill has failed to simplify tax system
Lord's committee says chancellor's finance bill has not done enough to simplify tax system
Gordon Brown has been told by a Lord’s committee that his last finance bill
as chancellor has failed to do enough to simplify the tax system.
The House of Lords economic affairs committee said that simplification was
crucial if business was to cut costs and the UK was to maintain its position as
an attractive destination for international investment,
the FT reports
.
‘The government must go further and move faster in simplifying the corporate
tax regime’ said committee chairman Lord Wakeham. ‘While there are some positive
steps in the 2007 finance bill we are concerned that Britain is still losing
international competitiveness.’
The committee said mandatory online filing of tax returns should be scrapped
and recommended further education on using the internet for filing returns.
Further reading:
Lords push for review of small business tax
Brown to offer foreign subsidiary tax breaks