The Tax Faculty at the Institute of Chartered Accountants in England and Wales (ICAEW) has urged the government to use the upcoming Autumn Budget to help accelerate work on building a modern UK tax system.
The ICAEW has called for the government to ensure the tax system is ‘fit for purpose in a modern world’, and that it embraces simplification and digitalisation.
In a letter to the Financial Secretary to the Treasury, the ICAEW urged the government to ‘explore opportunities offered by the UK’s departure from the EU’, including the simplification of VAT rules.
The ICAEW has also called for future tax policy to be sustainable from both climate change and fiscal perspectives, cautioning against introducing complex new green taxes and instead suggesting that existing legislation should be used to address environmental goals.
The ICAEW’s recommendations can be read in full here. The Chancellor will present the 2021 Autumn Budget on 27 October.