Current UK tax system 'not fit for purpose'

The Institute for Government (IfG), Institute for Fiscal Studies (IFS) and the Chartered Institute of Taxation (CIOT) have called on Chancellor Phillip Hammond to improve and simplify the making of tax policy in the UK. The proposed reforms include: returning to a single annual fiscal event, to stop Autumn Statements becoming second Budgets; and starting the consultation for tax changes earlier.

Paul Johnson, IFS Director, said: 'The current system is not fit for purpose. Too many changes are sprung on the country with too little sense of direction, consultation or evaluation.'

Read more on this story on the Financial Director website.