The government has launched a consultation on the removal of 36 tax reliefs including the provision of meals for bikes for work, luncheon vouchers, and life assurance premiums and life assurance premiums paid by employers under employer-financed retirement benefits schemes (Efrbs).
This follows Chancellor George Osborne’s announcement in the 2011 Budget to abolish 43 tax reliefs, which followed the independent Office of Tax Simplification’s (OTS) March 2011 report reviewing the number and complexity of tax reliefs in the UK tax system.
The consultation is seeking additional evidence on the impacts of removing 36 of these reliefs, and comments on the transitional arrangements that might help to minimise these impacts.
The government is encouraging all interested parties to engage fully with the consultation in order to ensure that its approach to simplification through the removal of tax reliefs is carried out without unintended effects on taxpayers.
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