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News - 1 August 2013

Economic Affairs Committee: UK corporation tax system is 'too complex'

The House of Lords Economic Affairs Committee has said the UK corporation tax system does 'not work' and 'urgently needs reform'.

A report from the cross party committee of peers found that the current system is overly complex and encourages tax avoidance.

This is damaging the economy and undermining trust in the tax system, it said.

The committee concluded that HMRC should conduct an urgent review into the corporate tax regime to promote greater transparency and fairness.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
"There is a sense that corporation tax is voluntary for some multinationals that operate globally, while small UK-based businesses obey all the rules and have to pay. That brings the tax system into disrepute and loses much-needed revenue."

Lord MacGregor, chairman of the committee, said
"We recognise that the Government is taking the lead in pursing international agreement to reduce tax avoidance but it is unclear whether these reforms can be achieved in two years. We have therefore made a number of recommendations for specific reforms the Government should consider on its own to deal with abuses."

If you need any help and advice for your business on Corporation Tax or any other implications of the Tax regime, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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