The Office of Tax Simplification (OTS) has issued a ‘future work programme’ identifying areas that it will address in the short term, the next 12 months and in the medium term.

The OTS has split the programme into three parts:

Current work:

  • OTS is due to report on its review of VAT in October or November this year.
  • A paper on the business life-cycle looking at key events in that cycle and the taxes that apply is also in progress.
  • Following on from the Chancellor’s letter to the OTS, work has started on the review of the possibility of replacing Capital allowances with depreciation for tax.

Next 12 months:

  • A review of available technology and how that may provide opportunities for simplification of the design or administration of the tax system.
  • An exploration and scope for potential review of taxing Savings and Investments is planned.
  • The OTS propose to explore and scope for a review of some aspects of Inheritance Tax.

Medium term and beyond

Although the OTS reports do not always lead to changes in law, it is interesting to see where it will be focussing its attention next.

Links

VAT Index

OTS to explore replacement of capital allowances with depreciation

Capital allowances

Savings: tax on interest

Dividend tax (subscriber guide)

Dividend tax index

Inheritance tax index

Making Tax Digital index

Employment status

OTS on the Gig Economy

 

External link

OTS Future work programme


 

Wouldn’t it be great and think how much TIME it would SAVE you if someone:

  • READ all the latest tax news, case decisions, new legislation and articles in tax and then summarised them for you?
  • Only alerted you to things that are RELEVANT to you?

How about if that someone also:

  • Updated those summaries in REAL TIME for you
  • ADDED examples, planning points, toolkits and calculators, and
  • Linked all that information together and also provided you with CPD?

Thousands of firms of accountants and advisers are already using www.rossmartin.co.uk as their primary TAX resource.

At a cost of just £1 per day, it’s a no-brainer: FREE up your MIND and your TIME (and your wallet).

And...we run our Virtual Tax Partner support service, if you need assistance with a particular query or technical issue.

Squirrel advert

Loving our content? 😍
Sign up Now!
For free tax news, cases,
discounts & special tax briefings

We hope you are enjoying this amazing Practical Tax Database here at www.rossmartin.co.uk.

 

.