UK Tax System: A Need for Simplification
Clients deserve a fairer deal than the current UK tax tangle, which has been promised to be simplified for decades.
The UK's tax system is still complex, with advisers struggling to champion fairness for clients due to unfair rules.
But not too much or you'll get a tax penalty. Spend more! But make sure you have enough to pay for future needs, such as care, because the tax take isn't enough to support the national care system.
Financial services professionals are tired of navigating the chaotic system, which discourages savers with red tape and contradictory incentives.
- Isas are wrapped in red tape
- Inheritance is complicated by contradictory incentives
- Investing is subject to tax incentives and disincentives
Author's summary: UK tax system needs simplification to ensure fairness for clients.