UK government issues raft of tax consultations
The UK government has chosen the final day of Parliament, before the summer recess, to introduce nine tax consultations which will drastically overhaul the UK taxation system. Some of the subjects which will be discussed in great detail by the government, business, consumers and MPs include the national minimum wage, inheritance tax and the PAYE system. While there is unlikely to be any great discussion before Parliament reforms later this year we have potentially a massive change in the UK taxation system on the way.
As we have covered on numerous occasions, there is no doubt that such areas as inheritance tax, income tax and capital gains tax have become ever more complicated over the years. Rather than rebasing and reforming the old system, previous governments have effectively added layer upon layer upon layer of further red tape thereby creating a nightmare scenario for many. While it will take many years to dismantle and rebuild the UK tax system it is a project which David Cameron has taken to his heart and will ultimately simplify the current system in the UK.
There will obviously be resistance in various areas of the UK economy and the UK population although ultimately if the system is simplified it must be a win-win situation?
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