Baroness Neville-Rolfe, in a speech on business growth and tax, revealed that the addition of “hundreds of complications” over the past 10 years had doubled the number of words in the tax code.
Estimates put its length now at up to 10 million words. Factor in “a confusing and growing regulatory system in sector after sector” and you have a recipe for dampening business growth, whatever the strength of the underlying economy.
“With a simpler approach, we could have avoided some embarrassment, I refer, for example, to Making Tax Digital, to those trading with the EU who are finding it so difficult to get the tax codes they need to export post Brexit, and to the wretched loan charge fiasco.”Tax complexity, she said, is a “slow killer”.
Sadly the complexity will continue to increase!
Tax does have to be taxing.
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