TaxCorporate TaxFinance Act trimmed as Treasury strives for simplicity

Finance Act trimmed as Treasury strives for simplicity

Finance Act for 2007 39% shorter than previous year's legislation

Cries from the profession for a simpler tax system appear to have met with
some sympathy as figures compiled by the ICAEW revealed that this year’s Finance
Act is noticeably shorter than previous years.

According to the ICAEW, the 2007 act is only 309 pages long as compared to
506 pages in 2006, a 39% reduction.

‘We welcome the decline in the number of pages in the Finance Act and hope
that this is the start of a trend to simplify the tax system,’ Ian Young, ICAEW
technical manager said in the FT.

The reduction in page numbers follows complaints from business in particular
that the UK tax system was becoming to complex and onerous to negotiate.

Further reading:

Company law simplification ‘may harm public and
investors’

Lord says finance bill has failed to simplify tax
system

Tax advisers must help taxpayers ‘understand
obligations’

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