The OTS has published a progress report and a call for evidence in relation to its work on the simplification of the CT computation.
A review of the UK corporation tax (CT) computation was one of the key recommendations of the Office of Tax Simplification’s (OTS) 2014 Competitiveness Review. The OTS wants to ensure that the current CT computation is still ‘fit for purpose’ for both large multinationals and smaller owner managed businesses, and not prohibitive in terms of administrative time and expense. Terms of reference for this review were published in May 2016, with preliminary work taking place over the summer. The OTS has now published a progress report and a call for evidence in relation to its work on the simplification of the CT computation.
As part of the next stage of its work, the OTS has identified the key areas where it thinks simplification could be considered:
The OTS has requested views on whether simplification along these themes will make a difference to CT complexity. It would also like to know any other suggestions for simplifying CT that are not covered in its report. It has opened two specific questionnaires for small businesses and professional advisers, and has requested all comments by the end of 2016, to allow it to report back by Budget 2017.
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