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Issue:
4447
/
Categories:
Comment & Analysis
, Admin
, Business
, Capital Gains
, Companies
, Income Tax
, Investments
A look at the National Audit Office report on the landscape of tax breaks
KEY POINTS
- The NAO report looks at the “landscape of tax reliefs”.
- Tax reliefs are introduced for a variety of reasons.
- Twenty tax reliefs account for almost 85% of the estimated value of the total allowances.
- It is difficult to cap the costs of tax reliefs.
- Principles-based legislation should help prevent abuse of tax reliefs.
As its website says “the National Audit Office (NAO) scrutinises public spending on behalf of parliament helping it to hold government departments to account and helping public service managers improve performance and service delivery.”
The NAO audits the financial statements of all government departments and other public bodies and produce about 60 reports each year.
The NAO recently released its “value for money” report Tax Reliefs which is “intended to describe...
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