For those interested I am giving evidence to the above committee this afternoon at 4.15pm. It is live streamed on the internet.
My evidence is on the tax gap and why I think HMRC is not tackling it effectively.
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Managed to have a look at most of it. From the evidence that followed yours, going on about “complexity” it seems that most of those involved seemed to be “flying blind” as a result of the nature of the complexity and the resulting difficulties in recording or analysing the figures. If the companies, the experts and the tax authorities cannot really work out what is happening and if at the same time they are indulging in high leverage and credit creation then how long is it before the next big bust?
Much complexity is experiential and avoidable (like tax!)
Business and wealthy individual taxpayers buy into get rich quick tax avoidance schemes which are sold in wrappers that make them look much simpler than they are. When their tax returns come under scrutiny, and they find they can’t explain themselves, these tax payers prefer to blame systemic complexity rather than recognize their own greed and failure as the source of their troubles.
The use of tax avoidance schemes by businesses is indicative of failure, not success. If business would stick to doing what it does best, instead of putting energy into milking the tax system, it would have higher profits and would have less need to use avoidance schemes to begin with.
Agreed!