The day George Osborne became Chancellor, the combined UK Tolley’s tax guides comprised 17,795 pages - the longest tax code in the world. But in tax, nothing stands still. Since Osborne's first day, it has ballooned by a further 3,807 pages to around 10 million words.
And compared to Hong Kong's 300 page a tax guide, the UK's 10 million words can have a profound effect on indigenous businesses and inbound investors.
Take just one element - the restrictions on interest deductions for buy-to-let landlords which take effect on 6 April 2017. While these have received plenty of publicity, a recent survey found that only one in ten landlords was unaware of the impending change. Yet the implications could have a significant effect on landlords' after-tax income - so property investment business owners need to think about how this will affect them, and whether they should do anything to mitigate the effect.
And this all begs the question as to how anyone in business can keep up to date with the constant - let alone relevant - tax changes. But as a first step, subscribing to My Taxpartner (mytaxpartner.pwc.com) can help, as can a regular dialogue with your tax advisor.
Results from the latest Property Investor Survey conducted by Mortgages for Business found that 60% of respondents felt they would be directly affected by income tax relief changes, although 29% said they would not be hit.