The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a new report titled ‘Making better use of third-party data: a vision for the future’. The report sets out proposals for making better use of data held by third parties, such as reporting interest on savings and investments from banks directly to HMRC.
Commenting on the report, the OTS Tax Director said:
‘The report considers the kinds of tax data individuals could find it helpful for third parties to automatically transfer to HMRC, and how this might best be embedded into the next stage of its work on the Single Customer Account.’
The report encourages the government to explore further and take forward this agenda, and to: