UK Tax System Needs 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. As one expert notes,
But not too much or you'll get a tax penalty.and
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.
- Isas are wrapped in red tape
- Inheritance is subject to contradictory incentives
- Investing is complicated by tax incentives and disincentives
Financial services professionals are tired of having to navigate this complex system, feeling like
translators of chaosinstead of empowering savers.
Author's summary: The UK tax system needs simplification to ensure fairness for clients.