Treasury Committee considers taxation post-COVID-19
21 July: The Treasury Committee is seeking the views of informed tax and finance professionals to help it examine the tax system in the wake of the COVID-19 pandemic.
The committee – appointed by the House of Commons to examine the expenditure, administration and policy of HM Treasury, HMRC, and associated public bodies such as the Bank of England and the Financial Conduct Authority – has launched a new inquiry called ‘Tax after coronavirus’ that seeks to examine the UK’s tax landscape as the nation begins to tentatively emerge from the economic fallout of the crisis.
The cross-party committee’s panel of MPs will explore a number of key topics, including 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.
Mel Stride, Treasury Committee chair, 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.”
The committee will also seek evidence on what overall level of taxation it believes the British economy can bear, the role of tax reliefs in rebuilding the economy, and whether there is a role for windfall taxes in a post-coronavirus world.
Commenting on the news Anita Monteith, ICAEW technical lead and senior policy adviser, said “This is an ambitious inquiry, and we look forward to taking part in discussions as to how the tax system might adapt to the needs of business following Brexit and COVID-19.
“However, the pandemic is not yet over, and we would encourage the committee to also consider the possibility for financing further support if there is a second wave.”
Those wishing to submit their evidence to the committee, can do so through its website. The deadline for submission is 5pm on Friday 28 August 2020.