MP's to examine tax system

MPs to examine tax system The Treasury Select Committee is conducting an inquiry into tax and will evaluate whether an overhaul of the tax system is required as the country looks to boost public finances in the aftermath of the COVID-19 pandemic. The committee will consider whether tax breaks can help the economy, long term pressures on the tax system and the level of taxation the economy can withstand. Committee chair Mel Stride, who said the pandemic has put the economy “under extraordinary stress”, suggested tax will “play a major role in the years ahead in restoring the public finances”. He also warned that the worst of the economic fallout of COVID-19 is “perhaps yet to come”. Glyn Fullelove, president of the Chartered Institute of Taxation, commented: “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.”