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Q&A on the latest Office of Tax Simplification reports

The Office of Tax Simplification (OTS) published two major reports during January – final reports on pensioners’ taxation and on unapproved share schemes (see www.hm-treasury.gov.uk/ots.htm). Both reports contain a range of technical and administrative recommendations; both build on earlier reports that are already making a difference:

  • Tax advantaged (‘approved’) share schemes – many of the recommendations are in the current draft Finance Bill;
  • Pensioners’ interim report – HMRC’s steady progress to date on many administrative aspects are reported on in Annex A of the new report.

The main recommendations

On unapproved share schemes:

  • Marketable securities – tax when value really available instead of when shares awarded with an election available for the taxpayer...

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