Regulators

Treasury launches review into OTS

The Office of Tax Simplification was established in July 2010 to remedy the complexities of the UK tax system

The UK Treasury has announced it is launching its first review into the Office of Tax Simplification (OTS)

The OTS was established in July 2021 to remedy and analyse the perceived complexities of the country’s tax system.

As part of its review, the Treasury is seeking views from affected parties on the effectiveness of the OTS.

Addressing the review, the Institute of Chartered Accountants in England and Wales (ICAEW) urged the body to examine resourcing, funding and governance of the OTS, the office’s relationship with HMRC and OTS’ successes over the past decade.

Furthermore, also consider what further steps should be taken to enhance the effectiveness of the OTS in future.

In a statement, the Treasury said: “HM Treasury is keen to hear the views of any interested stakeholder who wishes to give evidence to the review by responding to this call for evidence.”

The call for evidence is open from 12 May 2021 to 6 July 2021.

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