The OTS has announced its next lot of future objects within three timelines, namely:
Resources will be applied to the greatest effect, which means measures which benefit the greatest number of people on the largest number of occasions. At the same time, however, the OTS will not ignore the opportunity for a “quick win” where only a small number of people benefit but nevertheless achieves a useful outcome.
The OTS will also consider areas where simplification is clearly necessary even if the numbers of people affected are small and the task is harder, areas where it would simply be “the right thing to do”.
Results of the OTS’s work will be presented in either:
Following progress on the report on VAT, the OTS aim to publish this either this month or next.
In the ‘Review of the Corporation Tax Computation’, the OTS learned that businesses viewed the capital allowances regime as a source of complexity. As a result, the Chancellor of the Exchequer, has asked the OTS to undertake a review of capital allowances with the possibility of simplifying or replacing such reliefs by allowing full relief for depreciation of assets in the accounts. Work on this is already underway.
The OTS will continue to engage with all parties on Making Tax Digital and it is likely that there will be ongoing work on employment status and the Gig economy.
There will also be a review of the structure of tax systems in other countries, particularly the USA, Ireland and the Netherlands to ascertain if there are features that could provide simplification opportunities for the UK.