RegulationAccounting StandardsDare to be boring, ACCA urges Osborne

Dare to be boring, ACCA urges Osborne

Chancellor should redress fiscal drag that has ensnared middle income earners sucked into 40% income tax band

ACCA is urging the Chancellor to “keep the steady pace of recovery going” and not be tempted by the theatrics of a “white rabbit” moment.

Chas Roy-Chowdhury, ACCA head of taxation, said: “Osborne is six years into his tenure as chancellor; he’s set in motion many mechanisms to improve the UK economy for both individuals and businesses. He should not risk that progress by chasing headlines in Thursday’s papers.

“We already have a review of business taxes and business rates underway, as well as a review of the entire tax system by the Office of Tax Simplification. In past budgets he’s circumnavigated their work by announcing surprise changes before the OTS has had chance to complete their review and report back.

“During his time at No.11 Downing Street he’s made many pledges to make the tax system simpler, now he has the chance to make good on those promises. Let the reviews happen and take time to study the recommendations.”

ACCA announced that it was “particularly pleased” that Osborne has heeded its – and others – previous pleas to not meddle with the pensions system.

Roy-Chowdhury said the chancellor should redress the fiscal drag created by raising of the income tax personal allowance as too many middle income earners had been drawn into 40% income tax band.

“It goes against the preferred way of operating at budget time, but with a fragile UK recovery, and a volatile global economy ACCA hopes the chancellor is brave enough to be boring this month.”

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