The Government is looking at cutting down on the number of reliefs and allowances available under the current tax system. The Office of Tax Simplification (OTS), which was set up to investigate creating a more streamlined tax system, has identified an incredible 1,042 reliefs and allowances.
The list will be submitted to the Government in order to see which can be amended or dropped altogether in next March’s Budget. According to the review, there are 87 different reliefs offered to those paying inheritance tax. There are also over 200 different income tax allowances.
With the Government tidying up the tax system, now may be a good time to look at your own tax planning. We would be more than happy to help make sure you aren’t paying more tax than you need to be.