Parliamentary Committees and Public Enquiries
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Treasury Committee publishes additional Government response to Tax after Coronavirus Report

The Treasury Committee today publishes a further Government response to its report on Tax after Coronavirus.

Following the initial Government response, the Committee published a further report, expressing disappointment that some of its recommendations had been dismissed without a full explanation.

The Committee’s further report called on the Treasury to provide a clearer explanation of why it cannot accept its recommendation on the need for a tax strategy. The Committee is today publishing the Treasury’s additional response.

The Committee’s report, published in March, included the following recommendations:

  • Now is not the time for tax rises or fiscal consolidation, but significant fiscal measures, including revenue raising, will probably be needed in the future
  • Government’s tax lock manifesto commitment will come under significant pressure
  • Moderate increase in corporation tax could raise revenue without damaging growth
  • Government should prioritise reforming stamp duty land tax
  • Government should introduce temporary three-year loss carry-back for trading losses and increase investment incentives for business
Channel website: http://www.parliament.uk/

Original article link: https://committees.parliament.uk/committee/158/treasury-committee/news/157479/treasury-committee-publishes-additional-government-response-to-tax-after-coronavirus-report/

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