| ICAEW warns of ill-thought through policy proposals |
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| Thursday, 06 March 2008 | |
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The Institute of Chartered Accountants in England and Wales (ICAEW) has warned that the impact of ill-thought through policy proposals undermines the UK’s competitiveness as an economy.
In his address to the Institute’s annual dinner on Wednesday, ICAEW president Richard Dyson said that the City of London’s position as one of the world’s most successful capital markets will be eroded. He added that the problem was exacerbated by the increasing lack of genuine consultation. Dyson gave the taxing of trusts, changes to self assessment filing dates, the introduction of a single rate of capital gains tax and the proposed new regime for non-doms as examples where the unintended consequences of policy change could so easily have been avoided. “My message to Government is that our members understand the needs of business and can help – consult with us properly. This appears likely to apply to the proposals for income shifting,” Dyson said. His speech also highlighted some of the issues facing HM Revenue & Customs. Dyson told his audience, “I recognise that it is hugely difficult to deliver the kinds of organisational and cultural change required under the current cost cutting regime. Again this is something we have been saying to Government for the last 18 months. Again, my message to Government is rather than pay lip service genuinely consult with us - we can help.” He said that, by contrast, he would like to see regulatory oversight body the Financial Reporting Council consult a little less. “While many of the issues on the table are important - indeed the Institute is playing its role in supporting a number of them - the sheer volume of consultation documents creates additional burden for many and, as I said last year, I and my fellow professionals would urge greater focus on fewer areas,” Dyson concluded. Related articles
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