Office of Tax Simplification given permanent status
The Office of Tax Simplification (OTS) has confirmed it is now placed on a permanent footing, with the triggering of legislation in Finance Act 2016
7 Dec 2016
The decision to make the OTS a permanent, independent office of the Treasury was taken in July 2015, but the process was held up by delays in passing the finance bill, due to the demands of the referendum on EU membership.
The necessary statutory instrument (SI 2016/113) has now been made, triggering the legislation contained in Finance Act 2016. This puts the OTS on a statutory footing and with an expanded role and wider remit as from 28 November 2016.
The OTS was set up during the coalition government by former Chancellor George Osborne in July 2010 and is tasked with streamlining tax legislation by removing unnecessary law and aligning overly complex tax rules, where possible. So far just over half the OTS’s recommendations have been brought into law.