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Issue:
4949
/
Categories:
Comment & Analysis
, business property relief
, NICs
, tax reliefs
, Business
Raising taxes
Key points
- Most tax reliefs are there for a reason although they can become outdated.
- Domicile has been a feature of the UK income tax system since 1799 so it can hardly be seen as a loophole.
- Successive measures such as the disguised investment management fund rules introduced in FA 2014 have changed the carried interest regime substantially.
- Some form of business property relief needs to be retained.
- Detrimental effect on final salary pension schemes when pension funds were no longer able to reclaim tax credits on dividends.
The first task back in 2010 for the now defunct Office for Tax Simplification was to try to calculate the number of tax reliefs in the UK system. It found the total reached more than 1 000. The conventional wisdom is that one could make a straightforward and easier tax system by reducing allowances and so called loopholes. ...
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