OTS publishes progress report on Stamp Duty on paper transactions
OTS publishes a progress report on its Stamp Duty review and makes a call for further evidence.
Following the announcement at Autumn Statement 2016 that the Office of Tax Simplification (OTS) had been asked to carry out a review of Stamp Duty on paper transactions, today we have published our progress report and call for evidence following the completion of the first phase of work.
If, on reading the report you feel that you would like to contribute to the next stage of the review, we would welcome help in the following areas to develop ideas on how to remove the need for physical stamping and simplify the stamp duty regime.
- Evidence of how areas identified in the report cause difficulties and complexities in practice and ideas on how to improve matters
- Identify any areas for simplification that we’ve missed
- Evidence around the administrative costs of the current system and any cost savings that might arise from implementing the different options
As always we welcome submissions and comments from interested parties in response to our paper, irrespective of whether they address some or all of the questions raised. We are also happy to meet with businesses and organisations in person to obtain your views and are particularly interested in evidence of administrative costs and potential cost savings.
If you would like to submit a response or speak to the project team, you can do so by contacting us.
We would be grateful if all submissions are submitted by 31 May 2017.
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.