Facilitated by presenter Katie Derham, the Business Jury spent four hours debating tax policy before presenting conclusions to David Gauke, Financial Secretary to the Treasury, and Indra Morris, Director General, Tax & Welfare, HM Treasury.
- Governments must be clearer, bolder, and more specific about the objectives of tax changes and policies
- A longer term approach to tax policy, divorced from short term politics, will improve stability and growth
- Tax policy needs to be more focused: there are too many tax reliefs and exemptions
- An internationally competitive tax system is a good thing – but more needs to be done to ensure and show it will bring sustainable revenues
- NIC should be aligned with income tax – it’s an out of date concept and is complicated for employers and employees to understand and administer
- More needs to be done to educate people on how the tax system works and the inherent trade-offs
- Better collaboration is needed between business and with HMRC – businesses large and small need help navigating the system.