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:
- 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.
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