HM Treasury is looking to appoint a permanent Chair and Tax Director for Office of Tax Simplification. Both positions are on a voluntary basis with expenses paid. However an honorarium of £12,000 per annum will be paid to the Tax Director in recognition of their contribution to Government policy making.
In his recent Budget, the UK Chancellor announced his decision to abolish 43 tax reliefs. This followed the independent Office of Tax Simplification’s (OTS) March 2011 report reviewing the number and complexity of tax reliefs in the UK tax system. The original report identified 1,042 reliefs.
HM Treasury are now seeking additional evidence on the impacts of removing 36 of these reliefs, and comments on the transitional arrangements that might help to minimise these impacts. The consultation can be found on the HM Treasury website and closes on 31 August 2011.
89 inheritance tax reliefs were identified in the interim report. The consultation recommends that a full review of inheritance tax is undertaken rather than a separate review of the reliefs identified.
