Conservatives announce tax advisory panel
The Shadow Chancellor Oliver Letwin has unveiled a team of senior Conservative MPs who will work with him on his tax plans.
Mr Letwin has repeatedly refused to make any specific promise to reduce taxes, arguing that they cannot yet know what state the economy will be in if they win the next election, but has stressed he believes in a low tax economy.
The Shadow Chancellor has identified five areas of the tax system as “manifestly unfair”, namely council tax, inheritance tax, stamp duty, the taxation of savings and pensions and the rates of income tax and National Insurance.
Capital gains tax, taxation of small businesses and environmental taxes were also identified as “over complicated”.
Over the next few months, they have promised to publish consultations on each of the key areas, which will examine the problems and set out practical and costed options, which will inform their overall tax strategy.
The advisory board will comprise of Peter Lilley, Francis Maude, Stephen Dorrell, Sir George Young, Michael Jack and Andrew Tyrie. All except Mr Tyrie have been Financial Secretary to the Treasury and Mr Tyrie is the current Shadow Financial Secretary to the Treasury.
Speaking this afternoon, Mr Letwin said: “I am delighted that these highly experienced politicians have all agreed to play a crucial role in the process.”
“Our agenda is to stop the unfairness, and lay the foundations for lasting reform of the tax system.”
