Conntractors could see a fairer UK tax system in place as a result of a new tax policy initiative published alongside the budget. In his foreword to ‘Tax policy making: A new approach’, David Gauke, Exchequer Secretary to the Treasury, says: “As a Government, we share the objectives of business and the tax profession to have a more deliberative process in making tax law, with legislation of the highest quality.
The document states that, to encourage enterprise, the government wishes to create a more predictable tax regime, with greater stability and simplicity. To do so, it intends to involve tax experts and the business sector in formulating policy. The consultation also highlights a series of initiatives planned for the Summer. The consultation sets out the three stages to the development of tax strategy as: identifying clear objectives and options; choosing the best options and a framework for implementation; and drafting the legislation.