The Office of Tax Simplification has called for significant reform of Capital Gains Tax to make it more flexible and reporting of gains easier but has stopped short of radical measures.

The industry has given a mixed review to news that Chancellor Rishi Sunak has asked The Office of Tax Simplification to carry out a review of Capital Gains Tax.

The Office of Tax Simplification has criticised the number of forms required to deal with Inheritance Tax, calling the process “complex and old fashioned.”

The Office of Tax Simplification is calling for radical simplification of VAT including a move to bring nearly all businesses inside the VAT system.