The document sets out details of the OTS’s current, planned and future work.
The Office of Tax Simplification (OTS) published a paper covering its future work programme on 3 October. The paper identifies areas of interest that the OTS will be looking at over the next year and beyond. The OTS aims to apply its resources to measures that will benefit the greatest number of people on the largest number of occasions, while not missing opportunities for ‘quick wins’ that benefit small numbers of people in a useful way.
The report sets out details of the OTS’s current, planned and future work as follows:
• Review of the proposed replacement of capital allowances with a deduction for accounts depreciation. As discussed in our other article this week, a call for evidence has been published on this, with the full report expected to be published early next year;
• A report on VAT, to be published in October or November 2017; and
• A high level paper on the business lifecycle, looking at key events and the taxes applicable thereon. Work on this has commenced.
The next 12 months
While work is beginning on these projects, not all will necessarily be taken forward, and their scope may be modified:
• A review of how recent advances in technology may provide opportunities for simplifying the tax system;
• Further work on the business lifecycle issues, looking more deeply at one or more particular areas, such as investment reliefs;
• Examining the potential for a review of the taxation of savings and investments; and
• Exploring the potential for a review of inheritance tax.
Medium Term and beyond
Going forward, the OTS plans to continue its work on Making Tax Digital and the ongoing discussions on employment status and the Gig economy.
The OTS also plans to review the tax systems of other countries, such as the US, Ireland and the Netherlands, to try and identify features that could be applied to simplify the UK’s tax system.
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