Office of Tax Simplification to review benefits

The Office of Tax Simplification (OTS) is to review employee benefits and expenses.

Chancellor George Osborne said in his Autumn Statement that the review would include “an initial scoping exercise to identify which areas are most complex for taxpayers”.

Also, OTS recommendations on approved employee share schemes were confirmed in draft legislation published on 11 December.

These include changes to the enterprise management incentive (EMI) plan with the extension of capital gains tax entrepreneurs’ relief to shares acquired via EMI share options.