Many tax reliefs could be scrapped as the Office of Tax Simplification (OTS) begins reviewing over 1,000 business and individual allowances and exemptions.
The OTS has today compiled the first full list of 1042 tax reliefs in the UK system. It is calling on those who use them to comment on plans to have them simplified or repealed. Chancellor George Osborne created the OTS as an independent office of the Treasury in July, to look into making Britain's tax system "simpler and fairer". John Whiting, tax director for the OTS, says he will not seek to change reliefs which have a "clear and highly valued benefit". "I am sure some people will be surprised by the sheer number of reliefs in today's tax system. "[Many] may simply no longer ...
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