The chancellor of the exchequer, Philip Hammond, has published a letter to the OTS in response to its recommendations on modernising stamp duty on paper documents, aimed at putting stamp duty on a modern digital footing and retiring the stamping machines.
The chancellor agrees with the ‘direction of travel’ of the OTS report, but stops short of stating that the recommendations will be adopted and makes no mention of any timescale. He will ‘consider the recommendations carefully’ and ‘weigh up the benefits in the wider context of other ongoing reforms to the tax system’. The chancellor agrees with a number of specific recommendations in the report, subject to the overall proviso of stamp duty digitisation going ahead.
The OTS report also recommended introducing group relief and reconstruction relief directly into the stamp duty reserve tax rules, and replacing adjudication for stamp duty reliefs with a short form notification. The chancellor ‘sees value’ in his officials exploring these further, and it may be that these reforms go ahead independently of the wholesale digitisation of stamp duty.
The chancellor of the exchequer, Philip Hammond, has published a letter to the OTS in response to its recommendations on modernising stamp duty on paper documents, aimed at putting stamp duty on a modern digital footing and retiring the stamping machines.
The chancellor agrees with the ‘direction of travel’ of the OTS report, but stops short of stating that the recommendations will be adopted and makes no mention of any timescale. He will ‘consider the recommendations carefully’ and ‘weigh up the benefits in the wider context of other ongoing reforms to the tax system’. The chancellor agrees with a number of specific recommendations in the report, subject to the overall proviso of stamp duty digitisation going ahead.
The OTS report also recommended introducing group relief and reconstruction relief directly into the stamp duty reserve tax rules, and replacing adjudication for stamp duty reliefs with a short form notification. The chancellor ‘sees value’ in his officials exploring these further, and it may be that these reforms go ahead independently of the wholesale digitisation of stamp duty.
