On 8 December 2016, the UK Office of Tax Simplification (OTS) published the terms of reference to carry out simplification reviews of the value added tax (VAT) system and the Stamp Duty system for paper transactions. The review for simplification of the VAT system includes consideration of: The issues and impacts which would be involved if the VAT registration threshold were either higher or lower than at present; The extent to which the definitions of the types of supplies that are currently exempt from VAT, are subject to a reduced rate or are zero-rated, fit the modern context, create complexity...