CIOT comments on Chancellor's speech on tax competitiveness

The Chancellor Gordon Brown announced that he will implement in full the recommendations from the review undertaken by David Varney. This is an acknowledgment that changes are needed to preserve the competitiveness of the UK corporate tax system. The Chartered Institute of Taxation (CIOT) welcomes this. The CIOT has long argued that there is an urgent need for simplification.

John Cullinane, CIOT President, says: “The David Varney review recommends wide-ranging reforms that will do much to address the problems of UK competitiveness. There is far too much unnecessary complexity and uncertainty in the system. This is very welcome but it remains to be seen if it will be far-reaching enough to tackle the deep-seated problems that exist.”

John Cullinane adds: “Clearly HM Treasury and HMRC are thinking hard about how the tax system functions in the 21st century. What is vital is that in all the changes proposed there is meaningful consultation and that there are sufficient resources made available to assist taxpayers and their advisers.”

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For press information contact Simon Goldie on 020 7245 4122 (direct line - 24 hours). Email sgoldie@ciot.org.uk

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Simon Goldie