Government urged to examine tax overhauls

Tuesday, June 8th 2010

The government has been urged to review its procedure for changing tax regulations by a leading body.

According to the view expressed by the Chartered Institute of Taxation (CIOT), there should be a wide-ranging debate on the tax reform that is urgently required.

It would like to see a committee put in place - made up of experts, MPs and peers - to thoroughly inspect any potential changes.

CIOT president Vincent Oratore said: The way tax law is made in the UK is deeply flawed. There is not enough expert scrutiny and there is insufficient parliamentary time to consider properly the effect that changes will have."

The organisation suggests a regulated committee could help to eradicate laws that are badly constructed, which often give some people the chance to avoid paying tax.

Fidelity International recently spoke out about a proposed lowering of the capital gains tax threshold, arguing it would harming average British savers.