OTS puts forward tax simplification proposals

The independent body looked at the elements of tax that cause the most complications for pensioners, including tax on savings, the married couple's allowance and administrative aspects. The OTS recommended simplifying the married couple's allowance to remove the current income abatement system and streamlining administrative aspects, replacing it with a flat-rate payment for those still eligible. It also called for a refocus on savings incentives, finding the current 10% savings rate to be a great source of complexity and ineffective, with both low awareness and low take up levels. It...