Following the news that Dan Tomlinson has been appointed as the new Exchequer Secretary to the Treasury, tax experts are calling for an early consultation before any major decisions are made on reforms in the tax system.
Concerns around tax advice market and unused pensions on death
In a letter to the new Exchequer Secretary to the Treasury, CIOT President Nichola Ross Martin addresses concerns about the design of proposals to raise standards in tax advice:
‘While the policy objectives are sound, the speed with which the proposals have moved to draft legislation, with little opportunity for early consultation, have left the scope of the proposal problematically wide and poorly targeted.” They risk creating “significant collateral damage to reputable tax advisers seeking to represent their clients’ best interests’.
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The CIOT also claims that the proposed mechanism for bringing unused pensions on death within the scope of inheritance tax is “impractical” and likely to lead to protracted and costly litigation.
Challenges in HMRC customer services
The letter also includes issues around continuing challenges with HMRC customer service and the need for an ongoing focus on simplifying the tax system.
The CIOT is urging Dan Tomlinson to carry out a thorough consultation well in advance of implementing significant reforms to the tax system to avoid further issues down the line.
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