A decade is a long time in taxation. Ten years ago the income tax personal allowance was £6,035; the VAT rate was 17.5%; the headline rate of corporation tax was 28%. Scottish tax powers had never been used and ‘BEPS’ (Base Erosion and Profit Shifting) and ‘MTD’ (Making Tax Digital) were yet to be invented.
For our first debate of the 2020s we looked back at the changes in taxation over the 2010s, under the coalition and Conservative governments. Our expert panel, including former tax minister David Gauke and former shadow Treasury minister Chris Leslie, along with an independent economist and a senior tax professional, reflected on the decade that brought us the GAAR, the OTS, the transferable tax allowance and the high income child benefit charge. What were the big tax trends? What worked and what didn’t? What are the lessons for the future? What can tax policy in the aftermath of the last recession teach us about tax policy coming out of the current recession?