The National Audit Office will report in the spring on ‘controls to develop, monitor and evaluate the use of tax reliefs’.
In an interview published in the Harvard Political Review this week, Commons public accounts committee chairman Margaret Hodge said: ‘Lots of money is lost in the Treasury and in ways that isn’t intended. There are over 1,000 tax reliefs in the UK tax code at the moment, and that is just mad. So we will be doing a lot of work on that.’
The NAO report will consider how HM Treasury and HMRC monitor and assess the cost of tax reliefs and evaluate their outcomes, and what they do to prevent ‘excessive leakage through abuse and error’.
[This news story was published by Tax Journal on 30 January]