On 8 December 2016, and following the announcement made as part of the 2016 Autumn Statement, the Office of Tax Simplification (OTS) published the terms of reference for its review of stamp duty on paper transactions.

The OTS paper describes the current physical stamping process as “disproportionately unwieldy for the 21st century” and the aim of the review is to put forward recommendations to “reform and simplify” the regime. In particular “this will include considering the possibility of transforming or replacing it so as to entirely remove the need for physical stamping”.

The OTS will report in Summer 2017.

The terms of reference can be viewed here.