ACCA - The global body for professional accountants
The UK’s tax system is complicated, and we know that the Treasury Select Committee is working to shine a much needed spotlight onto issues that are confusing. The UK’s tax system needs to be fair, transparent, and accountable. We consider this Budget as scoring low in terms of taking forward the simplification agenda.
—Chas Roy-Chowdhury, head of taxation, ACCA

ACCA (the Association of Chartered Certified Accountants) today welcomes the Treasury Select Committee’s analysis of the 2012 Budget, asserting that their report’s findings bring a much needed critical oversight of the policies announced in March

Chas Roy-Chowdhury, ACCA’s head of taxation, says: 'The Treasury Select Committee’s report raises areas of concern, and also outlines recommendations for future action. Over the last month, ACCA has been concerned about the unintended consequences that have arisen as a result of the Budget – from uncertainty about retrospective tax on stamp duty to the uncertainties of the impact of reducing the 50p tax rate to 45p.

'We would welcome a consultation on retrospective tax policy changes, and also hope that the Government will publish the impact of the 5p cut in the top rate of tax.'

However, ACCA has welcomed the introduction of personal tax statements as a means of offering personal taxpayers clarity about their tax payments and arrangements. Chas Roy-Chowdhury adds: 'A good tax system should be transparent and understandable and tax statements tick both boxes in this respect. But as the Treasury Select Committee says, these need to be well designed with the taxpayer in mind. 

'We have seen in this Budget more complexity engineered into the tax system, from the taxation of child benefit, to age allowance curtailment, to the stamp duty anti-avoidance measures. 

'We are concerned these complexities have brought about confusion and misunderstandings. The UK’s tax system is complicated, and we know that the Treasury Select Committee is working to shine a much needed spotlight onto issues that are confusing. The UK’s tax system needs to be fair, transparent, and accountable. We consider this Budget as scoring low in terms of taking forward the simplification agenda.'

- Ends - 

For more information, please contact:

Chas Roy-Chowdhury, ACCA, Head of Taxation 
Mob +44 (0)7710 707516 

Helen Thompson, ACCA Newsroom
+44 (0)20 7059 5759
+44 (0)7725 498654
helen.thompson@accaglobal.com

Notes to Editors

  1. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. 
  2. We support our 147,000 members and 424,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 80 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence. 
  3. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.