TaxCorporate TaxTax relief strategy needs to be ‘bolder’

Tax relief strategy needs to be 'bolder'

Tax experts welcome Office of Tax Simplification work but says more needs to be done and rates need to be reformed

REFORMING tax reliefs can only work alongside reforming tax rates, according to tax experts.

Lawyers from Berwin Leighton Paisner (BLP) welcomed the recent interim report from the Office of Tax Simplification (OTS), but said the rest of the review of UK tax reliefs had to be “bolder”.

The OTS’ recent said it had examined 13 tax reliefs and that five could be abolished. In all the OTS has identified 1,042 reliefs in the tax system for review.

Kevin Cummings, tax partner at BLP, said the methodology for reviewing the reliefs was sound.

He added: “The real challenge, however, lies in appling this approach robustly and rigorously to the remaining reliefs…The remainder of the review must take much bolder steps towards clearing up the tax code properly in order to address the country’s most pressing economic concerns.”

Cummings said: “Changing or withdrawing tax reliefs must be accompanied by corresponding changes to rates in order to be most effective.”

 

 

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