TaxAdministration‘Risk-based’ regulation looms for UK plc

'Risk-based' regulation looms for UK plc

Gordon Brown has said that UK businesses will be regulated in a 'risk-based' environment, which will mean less insepections and more 'justification'

UK businesses are set to be regulated less often, and only when there is some ‘justification’, according to chancellor Gordon Brown.

Link: Brown outlines new regulatory approach

Brown was talking at today’s launch of the Better Regulation Action Plan, which is hoped will create a more ‘risk-based’ approach to regulation.

‘The theory has been to inspect everyone continuously, demand information wholesale, and require forms to be filled in at all times, the only barrier to the blanket approach, a lack of resources,’ said Brown.

‘The new model we propose is quite different. In a risk-based approach, there is no inspection without justification, no form-filling without justification, and no information requirements without justification.’

Brown said that HMRC executive chairman David Varney was ‘now consulting’ with industry on a single tax account for small businesses, a single point of contact for all taxes, while piloting single inspections with information provided to HMRC only once.

He added that the government was cutting the tax return form pages for micro-businesses from 16 to four.

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