§ I turn now to direct taxation. My predecessor made a beginning with the reform of direct taxation and I hope to continue the work, more particularly in the field of personal taxation. In that field, my inclination is towards fewer loopholes and somewhat lower rates. The high rates breed the relentless search for loopholes which occupies a good deal of the time of our more skilled accountants and our more ingenious rich. I am proposing to close up some of the loopholes this year, but major reform and simplification cannot be carried out at the stroke of a pen. In the first place, simplification often runs counter to the demands of equity, and it requires a great deal of careful work to balance the two. Secondly, as I said earlier, major alterations in the tax code need long preparation and mean a great deal of additional work for the already over-stretched Department of Inland Revenue. Regretfully, therefore, I am not able this year to attempt a major reform in Estate Duty. In the meantime, however, I have three proposals to make in that field.
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c288
- Estate Duty 298 words cc288-9
- Corporation Tax Amendments 142 words c289
- Purchases and Sales of Know-how 148 words c289
- Double Taxation Credit 116 words cc289-90
- Interest on Arrears of Tax 141 words c290
- Post-Cessation Receipts 216 words cc290-1
- Life Assurance 381 words c292
- Apportionment of Marriage Allowance 154 words cc292-3
- Income of Minors 438 words cc293-5
- Personal Taxation 766 words c295
- Age Allowance 138 words c296
- Rate of Income Tax 130 words