UK to Attract Foreign Investment by Reforming Taxes

The new British government recently announced that it plans to simplify the taxation system in the country to attract more international investors.

The UK Treasury announced the setup of an Office for Tax Simplification, the aim of which is to analyse the UK tax system and to suggest possible reform options. The tax reform is supposed to affect tax exemptions, allowances and reliefs, which will make more space for foreign investors.

Commenting on the Treasury’s move, the Exchequer secretary, Mr. David Gauke, said that the taxation system created by the previous Government is too complex, making overseas investors turn to countries other than Great Britain.

He believes that the information the Office for Tax Simplification will provide the government with will help pave the way for international investment.

It is important to note that the reform will only affect the taxes under the jurisdiction of HM Revenue and Customs. Taxes and duties administered by other bodies will remain unchanged.