Office of Tax Simplification becomes permanent
ICAS welcomes the news that the Office of Tax Simplification has been established on a permanent basis.
David Gauke, the Financial Secretary to the Treasury, has confirmed that the Office of Tax Simplification (OTS) has been established on a permanent basis as an independent Office of the Treasury.
This was a manifesto call by ICAS and will be welcomed by members.
The OTS was established as a temporary Office of the Treasury in 2010 to advise the Chancellor on options for addressing existing complexity in the tax system. It will be established on a statutory basis in Finance Bill 2016, as announced at Summer Budget 2015.
A new Framework Document setting out the structure within which the OTS will operate has been published together with terms of reference for two upcoming reviews, which will cover:
- A simplification review into the closer alignment of income tax and national insurance.
- Download PDF - Alignment of Income Tax and National Insurance
- A review of small company taxation to develop recommendations on how to simplify the system, increase certainty and reduce administrative burdens caused by the tax system.
- Download PDF - OTS review of the taxation of small companies
Both reviews are due to report in advance of the 2016 Budget.
ICAS will be involved in the OTS reviews and you can pass on your comments to icas-tax@icas.com.