Tax Legislation – Government announces establishment of Office of Tax SimplificationMonday, July 26th, 2010
On 20 July, the Government announced the establishment of the Office of Tax Simplification (OTS), as promised in the Conservative Party manifesto. The responsibilities of the OTS are to identify areas where complexities in the tax system for both businesses and individual taxpayers can be reduced and to publish its findings for the Chancellor to consider ahead of each Budget.
Two initial reviews are planned, focussing on tax reliefs and small business tax simplification (including IR35). The OTS will publish its findings on reliefs in late autumn and on small business tax by the 2011 Budget.