Office Of Tax Simplification Releases Report
Posted on 22 Dec 2020
Office Of Tax Simplification Releases Report
A final report in mid January was published by The Office of Tax Simplification (OTS) on unapproved employee share schemes, reports Harris & Co accountancy services. A set of recommendations were made to simplify this area of the tax system as well as the general taxation of unapproved share schemes, administration and internationally mobile employees.
This final report is one of many other updates made regarding the simplification of the UK tax system.
Key Recommendations Of The Office Of Tax Simplification Report
- To create a marketable security where the employees are given an option to pay tax either on acquisition or when the security can be sold for cash.
- To align the tax treatment of international assignees with the tax on other general earnings.
- Creating an employee shareholding vehicle in order to encourage wider employee ownership.
- To increase the availability of pre-transaction valuations, better provision of valuation information and more flexibility for companies on non-recognised stock exchanges.
- To achieve administrative simplification by making easy PAYE deadlines and the main annual report, Form 42.
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