| Chancellor George Osborne
has launched a new Office for Tax
Simplification (OTS), with the task of
identifying areas where complexities in
the tax system for businesses and
individuals can be reduced. Launching
the OTS on 20 July, Mr Osborne said:
“Simpler, more competitive taxes will help
us show the world that Britain is open for
business.”
Drawing on external expertise from the
tax and legal professions, the OTS will
carry out two initial reviews over the
coming year, focusing on tax reliefs and
small business tax simplification,
including IR35.
It will publish its initial findings on
their work on reliefs in the late autumn
and on small business tax by the 2011
Budget.
Over the past decade, the tax code
doubled to more than 11,000 pages. Chair
of the OTS, the Right Honourable Michael
Jack, said: “Entrepreneurship should never
be stifled because of an overly complex
tax system.
“Simplification in a complex world is a
real challenge but it’s one that has to be
addressed if the tax system is not to
hinder the economy’s ability to grow.”
LINKS:
Office of Tax Simplification |
