How competitive is the UK’s tax regime?
The Office Tax Simplification OTS has issued a report “the UK’s tax ranking”. In the ‘Paying Taxes’ rankings the UK comes in at 14th. The OTS’s view that the UK could do better, possibly to be the best in the G7 (currently second) or in the top two of the G20 (currently third).
Some of the reports key recommendations are:
A) More closely align accounting and tax profits and eliminate sundry adjustments;
B) Replace capital allowances with allowable depreciation;
C) Consider abolishing corporate capital gains;
D) Stop streaming trading and investment results and tax on a merged basis;
E) Harmonise income tax and NICs;
F) Improve the assistance given to businesses by HMRC particularly through greater use of digital communication; and
G) Stream all tax payments through a single tax account.
Date: 5th November, 2014
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