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Consultation on Unapproved Share Schemes
In July 2011, the Office of Tax Simplification (OTS) was asked to conduct a two-stage review into employee share schemes. In March 2012, the OTS put forward its recommendations to the Chancellor of the Exchequer ahead of his Budget and issued its Stage 1 final report on Tax Advantaged Share Schemes (TASS). Many of these [...]
OTS Review of Benefits and Expenses
The Learn Centre has been in contact with the Office of Tax Simplification (OTS) offering to give exposure to a research project they are undertaking which will report directly into HM Treasury. They have drafted the following message. which we are conveying in this Newsletter: ‘The OTS is carrying out a review into the area [...]
OTS Final Report on Review of Pensioner Taxation
On 11 July 2011, HM Treasury asked the Office of Tax Simplification (OTS) to look at simplifying the system for the estimated 5.6 million people of pensionable age who pay tax. Specifically, the remit was to identify the parts of the tax system that caused the greatest difficulty, especially where pensions are received from multiple [...]
OTS to Launch Review of Expenses and Benefits
Point 2.96 of the Autumn Statement report indicated that the Government was to ask the Office of Tax Simplification (OTS) to review ways in which the benefits and expenses taxation system and employee termination payments process can be simplified. This project is envisioned to be in three stages: A fact-finding exercise aimed at identifying the [...]
Tax Simplification
Income Tax and NICs Reform Point 2.52 of the Autumn Statement report said: ‘The Government will wait for further progress on planned operational changes to the tax system before formally consulting on the operational integration of income tax and NICs.’ Comment We had hoped that the Autumn Statement would give us an indication of where [...]
HMRC Responds to Office of Tax Simplification’s Review of Pensioner Taxation
On 11 July 2011, HM Treasury asked the Office of Tax Simplification (OTS) to look at simplifying the system for the estimated 5.6 million people of pensionable age who pay tax. Specifically, the remit was to identify the parts of the tax system that caused the greatest difficulty, especially where pensions are received from multiple [...]
Consultation on Employee Share Schemes
On 06 March 2012, the Office of Tax Simplification (OTS) issued a report to the Chancellor of the Exchequer on Tax Advantaged Share Schemes (TASS). There are four types of TASS: Company Share Option Plans (CSOP) Save As You Earn (SAYE) Share Incentive Plans (SIP) EnterpriseManagement Initiatives (EMI) The OTS recommended a review of the [...]
Budget 2012 – Other
Statutory Residence Test At Budget 2011, the Chancellor announced that there would be a reform of the taxation on non-domiciled individuals and the introduction of a Statutory Residence Test. One of the reasons that this was prompted in the first instance was as a result of the long-running case involving Mr Robert Gaines-Copper and HMRC, [...]
National Minimum Wage 2012, Office of Tax Simplification, The Basic Earnings Assessment, P38(S) Farewell, BIS Calls for Evidence and Publishes Employment Law Review, DWP Touchbase E-Zine and RTI – The Summary
Two things that payrollers up and down the country are thinking at this very moment: Where will I be when the Chancellor delivers Budget 2012 this week, and What is the best way for me to find out what impacts me? We have been thinking this at The Learn Centre for some time now and [...]
OTS – Review of Tax Advantaged Employee Share Schemes
On 06 March 2012, the OTS (Office of Tax Simplification) put forward its recommendations to the Chancellor of the Exchequer ahead of his Budget and issued its final report on tax advantaged share schemes (TASS). There are four types of TASS: Company Share Option Plans (CSOP) These are HMRC-approved schemes where an employer may grant [...]
Taxation and Pensioners
On 14 June 2011, the OTS wrote to David Gauke, Exchequer Secretary to the Treasury, outlining proposals for further simplification reviews. In addition to the proposal to review small business taxation was the request to focus on the taxation of pensioners, simplifying the system for the estimated 5.6 million people of pensionable age who pay [...]
HM Treasury ‘Calls for Evidence’ Response – Next Steps
Budget 2011 announced that Government would consult on the topic of a closer integration between tax and National Insurance, the subject that always seems to be on every Government’s ‘back burner’ in recent years. Between July and September this year, HMRC ran a call for evidence, which received over 70 responses from a range of [...]
Office of Tax Simplification to look next at pensioner taxation and employee share schemes
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 [...]
Further consultation on abolition of tax reliefs
HM Treasury does not have enough information on the reliefs being considered for abolition and is seeking clarification from interested parties on the extent to which they are currently being used. The Office of Tax Simplification (OTS) is tasked by the Treasury with simplifying tax reliefs and small business taxation (including the IR35 rules). In [...]
Consultation on the abolition of certain tax reliefs
On 27th May, HMRC launched the promised consultation on the abolition of certain tax reliefs announced By George Osborne at the time of the Budget in March. This resulted from a report produced by the Office of Tax Simplification (OTS). The OTS identified over 1,000 different individual exemptions, most of which are obscure and little [...]
