Office of Tax Simplification to look next at pensioner taxation and employee share schemes

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HM Treasury asks for interim reports on two new areas of taxation in time for Budget 2012.

The independent Office of Tax Simplification (OTS) was set up in July 2010 to carry out reviews and provide expert advice to the Chancellor on options to improve and simplify the UK’s tax system.  Reports on the first two reviews, i.e. on the simplification of tax reliefs and small business taxation, were completed in advance of Budget 2011.

HM Treasury has asked the OTS to review the current operation of

• pensioner taxation, identifying the parts of the tax system that create the greatest difficulty for pensioners, particularly where they receive pensions from multiple sources, and

• the four tax-advantaged employee share schemes, identifying areas that are overly complex and administratively burdensome, and suggesting simplifications.

Further information:

Tax simplification team to review pensioner taxation and share schemes

Taxation of Pensioners – Terms of reference

Employee share schemes – Terms of reference

Tags: budget 2011, employee share schemes, ots, Recent Payroll News, tax simplification, taxation of pensioners

This entry was posted on Saturday, July 16th, 2011 at 11:52 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.