Corporation tax must be simplified

The UK’s tax system is in dire need of simplification, according to both opposition parties.

Link: Tory tax-cut plans under fire

Both the Tories and the Lib Dems have claimed that huge amounts of simplification is needed and will outline pre-election initiatives to make the taxation of individuals and companies simpler and fairer, reports The Financial Times.

The Conservatives are set to announce plans to establish a new body that would examine the existing tax system while the Lib Dems are calling for a new commission on tax simplification to be set up.

The deadline for submissions to the latest round of consultation in the Corporation Tax reform passed on Friday. PricewaterhouseCoopers expressed concerns that the simplification would not be revenue neutral.

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