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UK tax system to be simplified

The UK government has this week announced major plans to overhaul the UK taxation system to "encourage investment" in the UK. In a move which will be welcomed by the UK public and businesses, the Treasury announced the setting up of an Office for Tax Simplification in the short term. So what can we expect from this new office?

The initial idea is that the Office for Tax Simplification will simply analyse "potential reform options" and then report back to the UK government with regards to streamlining the current system. Over the years the UK taxation system has become extremely complicated with layer after layer after layer added to historic tax regulations. This has created a system which is strangled by red tape and can be very confusing for both personal taxation and business taxation.

The coalition government has so far suggested a number of very sensible and very well received ideas with regards to the UK taxation system although as yet no final decisions have been made. Any move to simplify the current taxation system should assist with investment, both internally and externally, in the UK to hopefully create a win win situation for all involved.

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