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ARTICLE · 03 JULY 2018

June - Private Client Briefing From Tax Journal 2018

Mishcon de Reya LLP
Mishcon de Reya LLP
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Mishcon de Reya LLP

Mishcon de Reya LLP

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The Office of Tax Simplification has published a report on savings and investment income.

United KingdomTax
Andrew Goldstone
Andrew Goldstone
Katya Vagner
Katya Vagner

Taxation of income: OTS report on savings and investment income

The Office of Tax Simplification published a report exploring the potential areas for simplification of personal taxation of savings and investment income. The report summarises the current tax regime and makes several recommendations for further review, including:

  • Streamlining income tax rates and allowances: The report acknowledges that the regime's current features (including the starting rate for savings, the personal savings allowance, the dividend allowance and other allowances) are complex, and that even HMRC's software doesn't always get it right. Some of the recommendations include exempting savings interest completely and amalgamating the starting rate and personal savings allowance.

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