Yesterday's announcement by Chancellor of the Exchequer George Osborne on the creation of the Office of Tax Simplification (OTS) is a real achievement for the tax profession. It’s something the profession has been calling for, for a number of years. And it was at Chartered Accountants Hall that George Osborne as Shadow Chancellor adopted it as Conservative Party policy.
We shouldn’t underestimate the challenge that will be faced by Michael Jack as Chair and John Whiting as Tax Director. They are both good choices for the job of leading the new office. As I have spoken about before, the current UK tax code has got so unwieldy that experienced chartered accountants now struggle to understand it. We believe that a simpler, less complex code will really help in enhancing UK competitiveness as well as making it easier for companies and individuals to meet their tax obligations. It is good to know that the OTS has small business taxation down as an early priority.
As a profession, we now need to put our collective weight behind the OTS and do all we can to help it deliver. We are happy to make resource as well as the expertise of our Tax Faculty available to Michael and John as they start their work in identifying areas for possible reform. We wish them every success.