OTS efficiency pinpointed as inquiry into Finance Bill launches
Finance Bill Sub-Committee to assess decision to establish a permanent OTS
Finance Bill Sub-Committee to assess decision to establish a permanent OTS
THE effectiveness of the draft Finance Bill is to be called into question, with the House of Lords Economic Affairs group establishing a sub-committee to look into how the bill will affect individual tax payers.
The Finance Bill Sub-Committee (FBSC) will assess whether the Finance Bill will “contribute to the simplification of the personal tax system and their impact on the compliance burdens of individual taxpayers.”
The FSBC has called for evidence on three major topics within the draft bill, including the proposed changes to the taxation of savings and dividends, as well as the new power allowing HMRC to assess an individual’s tax liability without a tax return being submitted.
Also on the agenda is the decision to establish a permanent OTS. The FBSC is looking to discuss the extent to which the OTS is “likely to promote the future development of a simple, transparent personal tax system.”
This announcement comes days after OTS chair Angela Knight was called in front of the Treasury Select Committee for her lobbying role during the financial crisis and Libor scandal. Knight repeatedly apologised to the committee after Labour MP Helen Goodman, suggested that she now had a “credibility issue” following her time at the BBA.
A call for evidence issued on 14 January has set a deadline for submissions of Friday 29 January 2016. The FBSC will publish its report prior to the Budget in March 2016.
More about:
The numbers you crunch tell a story. Your expertis...
10yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleMPs endorse appointment of new OTS chair but raise concerns over 'defective' appointment process Read More...
View articleIncome tax/NI merger would fail to receive ACCA's support if used by government to raise revenues Read More...
View articleCutting red tape and introducing RTI are policies that just don't fit together, says Kevin Reed Read More...
View articleOffice of Tax Simplification calls for radical overhaul of employee benefits tax and administration rules Read More...
View articleSenior tax advisors welcome the first stage of the taxman's attempts to improve service delivery, with visits to each others' turf proving an eye-open...
View articleConsultation means Finance Bill remains manageable, says Office of Tax Simplification tax director Read More...
View articleThe Office of Tax Simplification suggests cash accounting for small businesses Read More...
View article