Treasury Committee launches ‘Tax after coronavirus’ inquiry
17 Jul 2020 11:45 AM
The Treasury Committee is launching a new inquiry called ‘Tax after coronavirus’.
The reconstruction of the economy after the unprecedented economic fallout of the coronavirus crisis is an opportunity for the Committee to examine the tax system.
The Committee will look at what the major long-term pressures on the UK tax system are, what more the UK can do to protect its tax base from globalisation and technological change, and whether such pressures should be met with tax reform.
The Committee will also seek evidence on what overall level of taxation the economy can bear, the role of tax reliefs in rebuilding the economy, and whether there is a role for windfall taxes in the post-coronavirus world.
The Chartered Institute of Taxation (CIOT) is hosting a virtual launch event for the inquiry tomorrow, Friday 17 July. Details of how to register, watch and take part in the event are below.
Chair's comments
Commenting on the launch of the inquiry, Rt Hon. Mel Stride MP, Chair of the Treasury Committee, said:
“The UK economy, like many economies around the world, has been placed under extraordinary stress due to coronavirus, with the worst of the economic fallout perhaps yet to come.
“Tax will play a major role in the years ahead in restoring the public finances and ensuring that we have a recovery which is balanced across the UK and fair to all.”
“So the Treasury Committee has launched this inquiry to examine how the Government should approach taxation after the coronavirus.”
CIOT's comments
Also commenting on the launch of the inquiry, Glyn Fullelove, President of CIOT, said:
“The UK economy faces enormous challenges in the aftermath of the Covid-19 pandemic.
“Whatever policies are adopted to meet the challenges ahead, being able to predict what the UK tax system will deliver under any given set of measures is vital for the Chancellor of the Exchequer. Exploring whether this is possible is a vital task.
“I am delighted the Treasury Committee has launched this inquiry into the weaknesses – and strengths – of the system as it stands.”
Further information