Other report highlights
Further recommendations were also made by the OTS around expanding rollover relief rules where land and buildings are acquired under Compulsory Purchase Orders and reviewing the rules for enterprise investment schemes to ensure that current procedural and administrative issues do not prevent many from accessing these schemes. Additionally, suggestions in respect of foreign assets were made to consider whether the gains or losses should be calculated in the relevant currency and then later converted into sterling.
In light of the pandemic and existence of new homeworking arrangements, the report highlights guidance on non-residential uses of the main home. It stresses that legislative provisions and guidance should be updated and made clear that homeworking will not result in a restriction of the Private Residence Relief. Additionally, it recognises the need to update and modernise certain definitions i.e. lodgers, which is outdated and does not reflect current practices.