Finance Bill 2022 has now been published setting out the measures announced in the recent Autumn Budget. Set out below is a link to the recording of our Autumn Budget briefing.
Following the publication of Finance Bill 2022, which introduced two new taxes, the Chartered Institute of Taxation have commented that UK Governments have now introduced 20 new taxes since 2000.
The interaction between the increase in the number of taxes and the current Government's desire for tax simplification is not straightforward. Whilst tax simplification should always be viewed from the perspective of the taxpayer understanding the tax system, there will be inherent complexities in first obtaining and then maintaining simplification for taxpayers within such an enlarged tax system. It will be interesting to see how the Government's tax simplification plans will develop in these circumstances.
28 October – Autumn Budget 2021 Briefing – Saffery Champness
“The Chancellor referred eight times in his speech to tax simplification but we could be set for six new taxes in the space of a couple of years – as many as in the previous eight years. Adding six new taxes to the tax code is not simplification!