MP Tax Policy Benchmarks

MP Tax Policy Benchmarks.

The Treasury Select Committee (TSC) has set a list of benchmarks that it will judge any future tax laws or tax changes and their impact.

There are six core pronciples that the TSC has set

Fairness – any new tax must be reasonable and fair to all
Support growth and encourage competition – it should not mean that business forget about what their trade is and spend more time working towards avoiding tax
Certainty – no grey areas i.e.  not needing court to settle disputes or uncertainty
Stability – should not impact on the economy or business to trigger instability
Practicable – easy to understand and use, easy to calculate tax liabilities
Coherent – i.e.  it works alongside other tax practices and does not conflict

Our view: Given that only 40% of the population in the UK actually create wealth and 60% are do not partcipate but are either public sector employees or not working, the system of taxation in the UK will never be fair … so the first principle will probably always fail.

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