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Initial findings from the review of tax reliefs, allowances and exemptions
Monday, November 29th, 2010
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The Office of Tax Simplification (OTS) is tasked with reviewing the simplifying of tax reliefs and small business taxation (including the IR35 rules) and making recommendations to the Chancellor in advance of Budget 2011.
On 8 November, the OTS published the first ever comprehensive list of the UK’s tax reliefs and allowances on its website, and is now inviting comments and views from those who use them. In total, 1,042 reliefs are listed, including 225 that relate specifically to income tax.
Further information:
UK’s tax system has over 1000 reliefs
