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What is a responsible tax system?
Key points
- The current tax system is complex opaque unequal and imbalanced.
- Many of the UK’s tax reliefs are inefficient uncosted and unmeasurable.
- In order to be successful tax reform will require cross-party support.
- It is ‘grossly unfair’ that wealth in the UK is taxed less than income.
- The equalisation of income and capital gains tax rates would allow a wider range of income sources to be taxed equally.
- Reform of corporate liability laws is needed.
Dame Margaret Hodge argued that a responsible tax system could help restore public trust in a regime worn down by accusations of avoidance and evasion and called on the tax profession to do more to help improve public understanding of taxation.
The Labour MP was speaking as she delivered the 2022 CIOT Chartered Tax Advisers’ Address which took place in central London at the start of June.
Responding to the...
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