OTS reports on progress with their review on how to reform Stamp Duty to eliminate the need for physical stamping.
It was announced at Autumn Statement 2016 that the Office of Tax Simplification (OTS) has been asked to carry out a review of Stamp Duty on paper transactions. The review will develop recommendations to simplify this from both a technical and administrative stand point. This will include considering the possibility of transforming or replacing it so as to entirely remove the need for physical stamping, but will not cover Stamp Duty Reserve Tax or Stamp Duty Land Tax more widely. Terms of reference for the review are available.
Following the initial phase of work a progress report has now been published along with a list of questions and a call for evidence.
We are interested in hearing from businesses, advisers and others who deal with Stamp Duty about the experiences you have had of the issues raised in the report, in particular any evidence of administrative costs and potential savings, and also any ideas you might have to reform the system.
Please email us by 31 May 2017 if you would like to share your views or meet with us. If you wish to meet with the project team please contact us in time to allow for any meetings to take place before 31 May 2017.
- Independent report
- Policy paper