PART 12Office of Tax Simplification
187Annual report
(1)
The OTS must prepare a report of the performance of its functions in each financial year.
(2)
The report relating to a financial year must be prepared as soon as reasonably practicable after the end of the financial year.
(3)
The OTS must—
(a)
send a copy of the report to the Chancellor of the Exchequer, and
(b)
publish the report.
(4)
The Chancellor of the Exchequer must lay a copy of the report before Parliament.
(5)
For the purposes of this paragraph, each of the following is a “financial year”—
(a)
the period beginning with the day on which this section comes into force and ending with the following 31 March, and
(b)
each successive period of 12 months.