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Time for a fresh start?
Key points
- Simplifying the tax gap would reduce the chance for taxpayers to misunderstand the rules.
- The inheritance tax regime could be improved but would it be better to replace it altogether?
- Problems caused by having too many claims and elections.
- The rules governing associated companies are changing in April 2023 and may cause more complexity.
- Reform to VAT seems to have been put in hold as a result of dealing with the pandemic and Brexit.
One thing most people would agree on is that the UK tax system is incredibly complicated with vast amounts of legislation and guidance making it hard for some UK taxpayers to pay the right amount of tax. Any changes proposed to the UK tax system should therefore have simplification in mind while also considering the impact on the tax gap and remembering that simplification can potentially open the door to tax avoidance.
The...
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