Responding to the chancellor’s pre-Budget report, the CIoT said the government must also recognise its taxation system must be competitive on a global basis.
‘We note with regret the recent Extra Statutory Concession in respect of insurance company business transacted abroad, where we believe the requirement to issue chargeable event certificates to non-residents will act as a significant deterrent to UK companies wishing to compete in the European market, given that no similar information requirements are imposed by overseas Revenue authorities,’ it said.
The institute also said ministers should do more to simplify the tax system for the elderly. Welcoming the envisaged renewal of the Taxback campaign, it added: ‘We also consider that requiring individuals to write to their tax districts to obtain the refunds is unduly burdensome.
‘A simplified repayment form should be introduced and made widely available in banks and building societies so that this group may easily access their overpaid taxes.
‘We repeat our call for a much more customer-focused approach to the problems of this group of people. We believe that until there is a widespread realisation within the Inland Revenue of what it is like to be elderly and be their customer then the long overdue improvements to procedures will not be regarded as a priority.’