The new body will initially conduct two reviews - the first looking at all 400 tax reliefs, allowances and exemptions in the system to see how they can be streamlined, and the second finding ways to simplify the tax system for small businesses, including finding a simpler alternative to the controversial IR35 code.
To initially determine the value of companies, we used the first-day market capitalization of venture-backed companies at the time of their IPOs or their acquisition price if purchased.