See - the system works


See - the system works

In MicroScope (18 October), we reported that the Government had set up the Office of Tax Simplification with a brief to simply the taxes levied on individuals and businesses.

Well as a result of feedback from taxpayers and their agents (read 'accountants'), the OTS has recently reported to chancellor George Osbourne that it has found 1,042 loopholes and complications that can be done away with.

In research and submissions so far, they've found 87 different reliefs covering Inheritance Tax and 200 different Income Tax reliefs.

But there are quite literally hundreds of others that can be seen in an HM Treasury spreadsheet and they cover areas such as Capital Gains Tax, Corporation Tax, Excise Duty, National Insurance, Stamp Duty and VAT - and it's not too late to contribute.

It's going to be quite a bonfire, isn't it?

This was first published in November 2010

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