OTS update on simplifying tax system

Date

Posted by

OTS update on simplifying tax system
Farnell Clarke

Share the article

Share on facebook
Share on twitter
Share on linkedin

Posted by

OTS update on simplifying tax system
Farnell Clarke

Share the article

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

OTS update on simplifying tax system

The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a recording of an online video update setting out its recent publications on three separate issues.

The insights into tax changes that have been considered by the OTS are as follows:

  1. Capital Gains Tax first and second reports. The first report looks at the policy design and principles underpinning the tax whilst the second report explores key technical and administrative issues. This included recommendations to align the CGT rates with Income Tax rates, changes to Business Asset Disposal Relief, improved CGT guidance and a review of main residence relief.
  2. Making better use of third-party data. The report sets out proposals for making better use of data held by third parties, such as reporting interest on savings and investments from banks directly to HMRC.
  3. Exploring a change to the UK tax year end date. The OTS has explored changing the 5 April year end date for individuals. The OTS examined what a change would entail, and what benefits it would bring (looking at 31 March and 31 December year end dates). If the government wants to take this further, then additional scoping work and early planning for longer term implementation would be required.

If you are looking to simplify your tax situation, why not get in touch with us today and see what we can do to help you.

Source: HMRC and OTS Mon, 27 Sep 2021 00:00:00 +0100

More articles

Autumn Budget 2021 – Alcohol and Tobacco Duty
Autumn Budget 2021 - Alcohol and Tobacco Duty
October 28, 2021
As part of the Budget measures the Chancellor announced, to a big cheer, that the planned duty rates on
Autumn Budget 2021 – Creative industry tax reliefs
Autumn Budget 2021 - Creative industry tax reliefs
October 28, 2021
The sunset clause for the Museum and Galleries Exhibition Tax Relief (MGETR) was supposed to come into
Autumn Budget 2021 – Dividend tax rates
Autumn Budget 2021 – Dividend tax rates
October 28, 2021
As announced on 7 September 2021, the 1.25% increase in NIC contributions from April 2022 will be