Will tax changes impact those with banking jobs in London?

The government has launched the Office of Tax Simplification as it bids to clear the statute books of what it sees as needless regulation and develop a code that people can understand.

Last month, Chancellor George Osborne said in his Budget speech that the cut in corporation tax to 24 per cent showed the UK is "open for business".

Those in banking jobs were told that, by unravelling the "spaghetti bowl" of a system, foreign investors would be attracted to these shores.

The new department will be lead by former Conservative Treasury minister Michael Jack and John Whitling, who was previously a partner at PricewaterhouseCoopers.

They are charged with the task of trimming what is seen as an extensive set of levies for individuals and businesses to pay.

However, Ian Cowie, personal finance editor at the Telegraph, is less convinced that change will happen and told readers of his blog that Britain has possibly the most complicated tax system in the world.