The Treasury Committee has called for evidence on a new inquiry into tax reliefs, which aims to examine the tax reliefs available to individuals and businesses, and explore whether these provide benefits to the economy.
As a result, the MPs on the cross-party committee are welcoming views on whether the current suite of tax reliefs provides value for money, and if they impact employment, investment and growth in the UK.
The committee also calls for stakeholders to submit evidence on whether reliefs are being used in the way they were intended, and if they cause problems to the tax system, such as through tax evasion or avoidance.
In addition, international comparisons are “particularly” welcomed, and thoughts are also requested on potential reforms to the system of tax reliefs. Proposals for the addition or removal of reliefs, as well as views on the current administration framework and means testing, are also welcomed.
The deadline for submitting evidence is 5pm on Monday 19 September 2022.
Rt. Hon. Mel Stride MP, chair of the Treasury Committee, said: “Tax reliefs can play an important role in promoting investment, creating employment, and generating growth. As a committee, we are launching a new inquiry to investigate whether tax reliefs benefit the UK’s economy and if they provide good value for money for taxpayers.
“We are also interested in any problems they may cause for the tax system, and the scope for reform. We look forward to receiving evidence submissions on this important topic.”