The UK Tax System is to be simplified to attract foreign investment and decrease the burden on businesses

Written by Administrator on Tuesday 27 July 2010

Tax System to be simplified

The Chancellor of the Exchequer, George Osborne is preparing an Office for Tax Simplification to reduce the 11,000 page tax code; due to Britain having one of the most complex tax codes in the world.

It is hoped that the tax code will become more readable and more people will understand the tax laws they are being asked to comply with.

Initially two reviews will be conducted:

  1. The tax system for small business will be simplified
  2. Restructuring of tax reliefs, allowances and exemptions

Tax credits will not be adjusted as they are considered to be part of the benefits system.

It is being simplified in order to make the system more competitive for the growth of small businesses, in hope of stimulating economic growth.

The Chancellor has said:

The previous Government took a complex tax system and made it even worse. A decade of meddling and intervening has made the tax affairs of millions of families and businesses across the UK extremely complicated. We need to sort out this mess.

Two years ago I promised to create the Office of Tax Simplification. Today, we’re delivering on that promise. With its independent, expert advice it will be a permanent force for a simpler tax system.

Simpler, more competitive taxes will help us show the world that Britain is open for business.

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