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OTS publishes report.
The Office of Tax Simplification (OTS) has published a report on the impact of taxation on smaller businesses at key stages of their development. It focuses on enterprises owned by individuals and families.
The report concludes that ‘the complex patchwork of tax charges and reliefs which apply at the various points in the business lifecycle would benefit from an overhaul to reduce complexity make reliefs more accessible and to better enable businesses to fulfil their potential’.
It considers the reliefs and charges that apply to a business:
- when it first starts to operate;
- when it incorporates;
- when finance is sought to grow the business; and
- when the business is transferred to the next generation or is sold or otherwise ceases.
Two main areas are targeted:
- the operation of the...
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