The Chancellor has published a letter to the Office of Tax Simplification (OTS) responding to the OTS's recommendations on modernising stamp duty (see the July edition of UK Tax Round Up for more detail on these recommendations). The Chancellor's letter indicates that generally he agrees with the tenor of the OTS's proposals. That said, there is no set timetable for implementation and he acknowledges that there are areas of stamp duty which will need further consideration if stamp duty is made into an assessable tax, including notably the transfer of partnership interests.
The Chancellor has also published a second letter to the OTS regarding its report on the simplification of corporation tax computation (again see the July edition of UK Tax Round Upfor more detail). This brief response indicates that the government is not currently planning to implement the suggestions regarding a separate corporation tax roadmap to sit alongside the business tax roadmap, the alignment of definitions between management expenses and trading deductions, or reforming the schedular system, but is prepared to consider further the use of accounts depreciation instead of capital allowances (which the Chancellor asked the OTS to explore further while noting concerns about the risk of reduced tax take or opening up opportunities for avoidance) and the proposals for aligning tax and accounts in particular for small companies.