OTS publishes final report on review of tax reliefs
On 3 March 2011, the Office of Tax Simplification (OTS) published its final report on its tax reliefs review.
The OTS reviewed 155 tax reliefs in detail. It recommends the abolition of 47 reliefs (including relief for late night taxis, land remediation relief and community investment tax relief) and the simplification of 17 others (including EIS and VCT reliefs, entrepreneurs' relief, demerger relief, purchase of own share relief and the REITs regime).
The Chancellor is expected to provide a formal response to the report as part of the 2011 Budget on 23 March 2011.