Simplifying the tax system

The Office of Tax Simplification has identified a number of reliefs for abolition, on the basis that they are infrequently used and complicate the tax system.  In all, over 40 reliefs are proposed for immediate or future abolition, but those most likely to be encountered are:

  • National Savings Bank ordinary interest exemption;
  • late night taxis;
  • luncheon vouchers;
  • stamp duty land tax disadvantaged areas relief; and
  • land remediation relief.

The Office of Tax Simplification will now move to review the administration of small business taxation.

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Budget 2011

Disclaimer:
This guide is prepared as a general guide only. No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the author or publisher. Always seek professional advice before acting.