OTS set to make wealth management easier

Wealth management may become easier following the creation of the Office of Tax Simplification (OTS), which aims to reduce the complexities surrounding certain areas of personal and commercial tariffs.

Yesterday’s (July 20th) announcement by chancellor George Osborne focused on making the system simpler for nationals and global businesses, adding the OTS would help make Britain ’the most competitive country in the G20’.

Commerical wealth management could benefit in the coming year, as two initial reviews will focus on tax reliefs and small business levy simplification.

Mr Osborne said the OTS would be ’a permanent force for a simple tax system’ and added: ’More competitive taxes will help us show the world that Britain is open for business.’

Some industry commentators welcomed the announcement, such as the Investment Management Association.

Julie Patterson, director of authorised funds and tax at the group, said the UK should be approachable, with a ’certain and stable’ policy of tariffs and good clarity surrounding local and national legislation. ADNFCR-2318-ID-19900282-ADNFCR