CIOT calls for clear tax policies

The new coalition government should resist the temptation to introduce further legislation that would complicate what is already one of the world’s most complicated tax regimes.

This is the view of new president of the Chartered Institute of Taxation (CIOT) Vincent Oratore, who has written a letter to chancellor George Osborne.

Adding to existing tax laws may make it harder for private wealth management firms to advise their clients on the most effective way to make use of their money.

Mr Oratore also urged Mr Osborne to establish a clear direction for the development of the UK tax policy, as well as work with the tax community to develop a system that depends on the law, rather than HM Revenue & Customs practices.

’As you prepare for your first Budget, I am sure you will have regard to the administration of tax as well as its rates and incidence,’ Mr Oratore said in his letter.ADNFCR-2318-ID-19789236-ADNFCR