WAY Investment Services has urged the Office of Tax Simplification to “focus on simplification” in its IHT review, by scrapping the Residence Nil Rate Band (RNRB) and aligning the rules for AIM with the rules for gifts.

Industry experts have welcomed Chancellor Philip Hammond asking the Office of Tax Simplification to review Inheritance Tax, a move that could pave the way for reform.

The Office of Tax Simplification is calling for radical simplification of VAT including a move to bring nearly all businesses inside the VAT system.

A probe into taxes on smaller businesses will be a key priority for the Office of Tax Simplification, as it was announced today that the body would be established on a statutory basis. Read more...