CAI0023

Written evidence submitted by Chartered Institute of Taxation

We are writing in respect of the call for evidence on the cryptoassets industry which you set out in July 2022.

The Low Income Tax Reform Group (LITRG - which forms part of The Chartered Institute of Taxation (CIOT) but has a separate focus from the main work of the Institute) has submitted a detailed response to this call for evidence.

Please accept this letter as the formal endorsement of LITRG’s submission by the CIOT.

The Chartered Institute of Taxation

The CIOT is the leading professional body in the UK for advisers dealing with all aspects of taxation. We are a charity and our primary purpose is to promote education in taxation with a key aim of achieving a more efficient and less complex tax system for all. We draw on the experience of our 19,000 members, and extensive volunteer network, in providing our response.

The CIOT is an educational charity, promoting education and study of the administration and practice of taxation. One of our key aims is to work for a better, more efficient, tax system for all affected by it – taxpayers, their advisers and the authorities. Our comments and recommendations on tax issues are made solely in order to achieve this aim; we are a non-party-political organisation.

Our stated objectives for the tax system include:

• A legislative process that translates policy intentions into statute accurately and effectively, without unintended consequences.
• Greater simplicity and clarity, so people can understand how much tax they should be paying and why.
• Greater certainty, so businesses and individuals can plan ahead with confidence.
• A fair balance between the powers of tax collectors and the rights of taxpayers (both represented and unrepresented).
• Responsive and competent tax administration, with a minimum of bureaucracy.

The CIOT’s work covers all aspects of taxation, including direct and indirect taxes and duties. Through LITRG, the CIOT has a particular focus on improving the tax system, including tax credits and benefits, for the unrepresented taxpayer.

The CIOT draws on our members’ experience in private practice, commerce and industry, government and academia to improve tax administration and propose and explain how tax policy objectives can most effectively be achieved. We also link to, and draw on, similar leading professional tax bodies in other countries. 

Our members have the practising title of ‘Chartered Tax Adviser’ and the designatory letters ‘CTA’, to represent the leading tax qualification.