The Treasury Committee has launched a new inquiry Tax
after coronavirus into the future of the UK tax system after the
pandemic. As part of the inquiry, a call for evidence (open until Friday 28
August 2020) is seeking views on the major long-term pressures for the UK tax
system, what more the UK could do to protect its tax base from globalisation
and technological change, and whether such pressures should be met with tax
reform.
The Committee will also seek evidence on what overall level of
taxation the economy can bear without undesirable or counterproductive harm to
economic growth, how to achieve the right balance between taxation of work,
savings, pensions and wealth, the role of tax reliefs in rebuilding the
economy, and whether there is a role for windfall taxes in the post-coronavirus
world. Mel Stride, chair of the Treasury Committee, commented that ‘tax will
play a major role in the years ahead in restoring the public finances and
ensuring that we have a recovery which is balanced across the UK and fair to
all ... the Treasury Committee has launched this inquiry to examine how the
Government should approach taxation after the coronavirus’.
Glyn Fullelove, president of CIOT which hosted an online launch
for the inquiry, said: ‘Whatever policies are adopted to meet the challenges
ahead, being able to predict what the UK tax system will deliver under any
given set of measures is vital for the chancellor of the exchequer. Exploring
whether this is possible is a vital task’.
The Treasury Committee has launched a new inquiry Tax
after coronavirus into the future of the UK tax system after the
pandemic. As part of the inquiry, a call for evidence (open until Friday 28
August 2020) is seeking views on the major long-term pressures for the UK tax
system, what more the UK could do to protect its tax base from globalisation
and technological change, and whether such pressures should be met with tax
reform.
The Committee will also seek evidence on what overall level of
taxation the economy can bear without undesirable or counterproductive harm to
economic growth, how to achieve the right balance between taxation of work,
savings, pensions and wealth, the role of tax reliefs in rebuilding the
economy, and whether there is a role for windfall taxes in the post-coronavirus
world. Mel Stride, chair of the Treasury Committee, commented that ‘tax will
play a major role in the years ahead in restoring the public finances and
ensuring that we have a recovery which is balanced across the UK and fair to
all ... the Treasury Committee has launched this inquiry to examine how the
Government should approach taxation after the coronavirus’.
Glyn Fullelove, president of CIOT which hosted an online launch
for the inquiry, said: ‘Whatever policies are adopted to meet the challenges
ahead, being able to predict what the UK tax system will deliver under any
given set of measures is vital for the chancellor of the exchequer. Exploring
whether this is possible is a vital task’.
