TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Update on the Office of Tax Simplification work

An update on the current workstreams of the Office of Tax Simplification and a review of its effectiveness feature.

HM Treasury is currently undertaking a review into the effectiveness of the Office of Tax Simplification (“OTS”), the body tasked with proposing ways to simplify the UK tax system. The call for evidence closes for comment on 6 July 2021. The OTS has also published an update on its 2018 guidance review.

A second policy paper under the ongoing Capital Gains Tax Review has been published. This second report considers key practical, technical and administrative CGT issues. It is the second report OTS has produced from the review of Capital Gains Tax requested by the Chancellor in July 2020.

The second CGT report covers a wide range of areas – from moving home to getting divorced, running or investing in a business or issues affecting land transactions. It also highlights a broader concern about the low level of public awareness of the tax, and the extent to which the administrative systems could do much more to support taxpayers.

The report makes 14 recommendations which examine the following areas, amongst others:-

  • Integrating CGT into the single customer account;
  • UK property tax disposals return;
  • Private residence relief nominations;
  • Divorce and separation; and
  • Treatment of deferred proceeds when a business is sold.