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CIOT Calls For Small Business Tax Reform

by Robert Lee, Tax-News.com, London

21 July 2008

The Chartered Institute of Taxation (CIOT) is calling for small business tax reform in its 2009 Budget representations.

In its representations, sent to MPs, HM Treasury and HMRC on 18th July 2008, the CIOT welcomed the Government’s deferral of the proposed legislation on income shifting. It calls for a well thought out response to the issue and for small business tax to be looked at in the round as opposed to just one part of this complex area being addressed.

Ian Menzies-Conacher, Chairman of the CIOT’s Technical Committee, commented:

“Any attempt to legislate for income shifting should be limited to a simple set of rules, without creating additional burdens.”

The CIOT goes on to suggest the integration of National Insurance Contributions with income tax, or a move toward further alignment.

The 2009 Budget representations also call for a statutory residence test and welcome the Government’s commitment to a Taxpayers’ Charter.

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