Small company taxation
Following the publication of its main report on Small company taxation, the OTS published discussion papers on SEPA (Sole Enterprise with Protected Assets) and Lookthrough taxation.
Following the publication on 3 March of its main report on Small company taxation, the OTS has published discussion papers on SEPA (Sole Enterprise with Protected Assets) and Lookthrough taxation.
This is the next stage of the simplification review of small company taxation that was announce in the Summer Budget 2015.
The overall aim of the project is to develop recommendations for the Chancellor and Financial Secretary on how to simplify the system, increase certainty and reduce administrative burdens caused by the tax system. The project will report to the Chancellor ahead of the 2016 Budget and will build on the OTS’s earlier work on simplifying the system for unincorporated businesses.
Detailed terms of reference for the review were published on 21 July 2015.
We gathered views from small companies via a short 15 minute survey that ran until 1 January 2016 and published our recommendations on 3 March 2016.
Following our report, the Financial Secretary to the Treasury accepted our recommendations for further exploration of two areas and we have now published discussion papers on Lookthrough taxation and the Sole Enterprise with Protected Assets (SEPA) model. We welcome your views on the issues raised in these papers, ideally by 12 September 2016.
Anyone wishing to arrange a meeting with the OTS team to discuss these papers should email us
Documents
Last updated 22 July 2016 + show all updates
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Updated with: Lookthrough discussion document Sole Enterprise Protected Assets discussion document
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Review document published
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Updated position for this review.
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Link to key questions for small company taxation review added
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First published.