The Office of Tax Simplification (OTS) have published terms of reference for their reviews ‘Stamp duty: review of remaining paper duty on shares etc.’ and ‘VAT General Simplification Review’.

It was announced at the Autumn Statement that the OTS would carry out a review of stamp duty on paper transactions and simplification of the VAT system.

The terms of reference provide more details on the scope of these reviews.

The stamp duty review is fairly limited:

  • It will focus on simplification of the process, including the need to physically stamp documents.   
  • It will not cover SDLT or stamp duty reserve tax.

The VAT review is much wider ranging, and will look at:

The OTS will not look at the VAT rates structure, or the potential impacts of Brexit as part of this review.


Our subscriber guide: Finance Act 2016: tax update and 2016/17 rolling planner

The OTS terms of reference:

Stamp duty: review of remaining paper duty on shares etc.

VAT General Simplification Review