The Office of Tax Simplification (OTS) has confirmed it will begin a detailed review of depreciation and capital allowances for companies. This following the Chancellor’s response to the OTS’s paper on simplifying the corporation tax computation (see our previous news item).
The aim of the review is “to explore the impact and challenges of moving to accounts depreciation” taking into account potential winners and losers, and also the impact this could have on unincorporated businesses.
Using existing and new data the OTS will consider:
A consultative committee will be formed to provide insight and knowledge. A report is expected in Spring 2018.
If you have any comments or suggestions that would be of interest to the OTS please email Sarah Ghaffari firstname.lastname@example.org