Blog: Britain poised to join CPTPP Indo-Pacific trade pact in major Brexit victory – The Telegraph

Jeremy Hunt has said taxes are “far too complex” in the UK and he wants to simplify them amid efforts to get more people back into the workforce.

The Chancellor made the commitment despite abolishing the Office of Tax Simplification in September.

It comes after Mr Hunt used his Budget this month to abolish the lifetime allowance which caps the amount that people can save tax-free into their pension at £1.073m.

It will be cancelled entirely from April 2024, as part of the Government’s campaign to lure over-50s back into the workforce. 

Giving evidence to the Treasury select committee of MPs, he said: “Taxes are far too complex and there is a huge job to do to make them more simple.

“I tend to be a chancellor who makes progress in simplifying the tax system during my time in office.

“The abolition of the LTA [lifetime allowance] was one very major simplification in the tax system.

“And I will continue to make sure, in as far as I am able, in every fiscal event to try to make progress on tax simplification.

“I am happy to take that as a personal responsibility rather than have a separate group of people who are funded to do that.”

He said he is asking Treasury officials to do work on tax simplification ahead of every Budget and autumn statement.

Read the latest updates below.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s