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January 2011
Tax Reliefs In The Spotlight
The Office of Tax Simplification (OTS) has completed a key stage in its major review of tax reliefs.
The OTS’s interim report, issued on 13 December, follows publication the previous month of a full list of all 1,042 UK tax reliefs and allowances, when the OTS also invited comments and views from those who use them.
In the interim report, the OTS focuses on a sample of 13 reliefs, selected to include a variety of different types of relief.
The report is designed primarily to invite comment on whether the methodology used by the OTS is appropriate and whether any additional or alternative criteria should be used in its final report. The OTS stresses it is not looking to draw any final recommendations or conclusions at this stage.
Reliefs considered for retention in the interim report include income tax relief for players in the UEFA Champions League Final 2011; for simplification, research and development tax relief; and for abolition, vaccine research relief.
Subject to comments received on the interim report, the OTS will apply its criteria to a further 74 reliefs and, if time allows, 75 more for a final report to be published ahead of the 23 March 2011 Budget. These further reliefs are also listed in the interim report.
LINK: Tax reliefs review
