Another interesting report on taxation, this time from the OTS who published its final report of the review of tax reliefs on Thursday 3 March 2011. The report recommended that 45 reliefs should be abolished; 17 reliefs should be simplified and 54 reliefs should be retained. They also found that there are 8 expired reliefs which should be removed from legislation. The recommendations have been submitted to the Chancellor ahead of Budget 2011.
John Whiting, Tax Director for the Office of Tax Simplification said:
“It’s clear that many of the reliefs are valuable and clear in their purpose and operation, so we have not sought to change them, but others need simplifying or extending to be properly effective. Some have simply expired and have no further use; a number are poorly targeted leading to negligible value, or their benefit is outweighed by the administrative burden in using them".
http://www.hm-treasury.gov.uk/d/ots_review_tax_reliefs_final_report.pdfhttp://www.hm-treasury.gov.uk/ots.htm
