CIOT comments on Tax after Coronavirus report
Commenting on the House of Commons Treasury Committee’s latest report as part of its inquiry into Tax After Coronavirus which was published today (1), the Chartered Institute of Taxation’s Director of Public Policy John Cullinane said:
“This is the most substantial report on tax reform ever produced by a parliamentary committee.
“We call on the Government to show similar ambition in taking forward tax reform over the rest of this Parliament, including taking up the committee’s recommendation of drawing up a high-level tax strategy and consulting widely on it.
“Among the committee’s recommendations we particularly welcome their support for the introduction of temporary three-year loss carry-back for business trading losses, which is something we have been calling for.
“Inevitably with a report this wide in its scope there are a number of areas where the committee have identified a problem but are not yet in a position to recommend a way forward. These include reforming capital taxes and the taxation of employment. We hope the committee will keep up its interest in tax going forward and examine these areas more closely.”