The Office of Tax SImplification (OTS) published the first ever comprehensive list of the UK’s tax reliefs and allowances in November 2010 – all 1 042 of them. The list attracted a good deal of comment and has generated a lot of helpful input to the OTS’s work. Accompanying the list was a short document that attracted less attention but is just as important to the OTS’s project. This set out the methodology the OTS intended to use in deciding what recommendations it would make to the Chancellor for reliefs that could be repealed modified streamlined or delivered in a different way so as to make the tax system simpler. The criteria which the OTS will use to base its recommendations are:
Whether the policy rationale for a relief is still valid: A number of tax reliefs have been introduced over the years to fulfil a specific purpose...
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Home >Articles > OTS: interim report on review of reliefs
OTS: interim report on review of reliefs
The Office of Tax SImplification (OTS) published the first ever comprehensive list of the UK’s tax reliefs and allowances in November 2010 – all 1 042 of them. The list attracted a good deal of comment and has generated a lot of helpful input to the OTS’s work. Accompanying the list was a short document that attracted less attention but is just as important to the OTS’s project. This set out the methodology the OTS intended to use in deciding what recommendations it would make to the Chancellor for reliefs that could be repealed modified streamlined or delivered in a different way so as to make the tax system simpler. The criteria which the OTS will use to base its recommendations are:
Whether the policy rationale for a relief is still valid: A number of tax reliefs have been introduced over the years to fulfil a specific purpose...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
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