Brexit gives opportunity to simplify ‘inconsistent and complex’ VAT
The Treasury should conduct a thorough review of VAT to simplify the tax and see if rates should be changed because Britain has left the European Union, a leading accountancy body has said.
The 50-year-old tax is expected to raise £187 billion this year, according to Office for Budget Responsibility forecasts, about 18 per cent of all receipts. However, tax experts say it has become too “complex” and “inconsistent”.
Anita Monteith, head of taxation policy at the Institute of Chartered Accountants in England and Wales, said that there was now “an opportunity to consider the simplification measures that would be appropriate”.
The institute is hosting a conference in London on Monday to examine how indirect taxes are working. Jim Harra, chief executive of HM Revenue
