The NFU has recently made a submission to the Treasury Committee in response to an inquiry on the principles which should underpin the tax system.
We have suggested that the tax system should support wider government policy objectives such as increasing sustainable food production.
We’ve said that the system should encourage business investment, irrespective of business structure, and support businesses to become more competitive and resilient.
We’ve also highlighted the need for a stable tax system which gives greater certainty when making long term investment decisions.
The Office of Tax Simplification has also been looking for feedback in response to its ‘tax relief review interim report’.
This sets out how the OTS proposes to evaluate the tax reliefs they have identified within the UK system and makes recommendations to the government on whether tax reliefs should be retained, simplified or abolished.
In our submission, we’ve commented on the criteria that the OTS will use to evaluate tax reliefs. And we’ve suggested the OTS should initially concentrate on assisting businesses by simplifying business tax reliefs with complex rules or with unnecessary levels of administration, rather than looking to abolish tax reliefs in order to reduce the volume of tax legislation.
Further details of our submission can be found here.
No comments have been made.