The Government also announced plans to close the Office of Tax Simplification (“OTS”). According to the Chancellor’s speech, embedding tax simplification into the institutions of government and setting a mandate to HM Treasury and HMRC to focus on simplifying the tax code will replace the work of the OTS.
The current projects of the OTS will continue until it is disbanded. The OTS expects to publish its report on the taxation of Property Income in October and it will continue to gather evidence on its Hybrid and distance working review. As the OTS is a statutory body, its closure will take effect from the date of Royal Assent to the Finance Bill.