New body to simplify tax
Jul 21 2010
Government commits to reducing red tape
The government has pledged to overhaul the tax system by creating a new body, the Office of Tax Simplification (OTS).
The OTS will aim to cut red tape for companies and individuals and will publish its findings for the chancellor to consider ahead of the budget. The focus will be on tax reliefs and small business tax simplification.
Chancellor George Osborne said: ‘Two years ago I promised to create the Office of Tax Simplification. Today, we’re delivering on that promise. With its independent, expert advice it will be a permanent force for a simpler tax system.
David Frost, director general of the British Chambers of Commerce, says: ‘The creation of the OTS is a necessary and long overdue response to the relentless chop and change of tax law. The business community, and the economy, will benefit from the recently announced lower rates of tax, and now from the drive towards a simpler system.
‘It is entirely right for the OTS to concentrate its initial work on small business. Complying with an ever expanding and complicated tax code only succeeds in taking resources away from core business activity, and subsequently growth and wealth creation. The government needs to continue with measures that foster entrepreneurship in order to secure a sustainable economic recovery.’
John Whiting, a former tax partner at PricewaterhouseCoopers, and Michael Jack, who served as financial secretary to the Treasury in John Major's government, will form the OTS’ unpaid board.
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