Speaking at the OTS’s strategy conference at the Treasury this week, Knight said: ‘I had hoped I’d be saying to you today that the OTS is on a statutory footing, but like so much of life at the moment, the referendum put a bit of a halt on that and the OTS clauses in the Finance Bill will be considered in the overspill session and that will not be until September.’

The OTS was set up during the coalition government by former Chancellor George Osborne in July 2010 and is tasked with streamlining tax legislation by removing unnecessary law and aligning overly complex tax rules, where possible. So far just over half the OTS’s recommendations have been brought into law.

The delay in the current Finance Bill means that the new government will now have the chance to review the future of the OTS and its wider tax role.

This October, OTS head John Whiting will be stepping down. There are currently a number of vacancies at the organisation, which is looking to strengthen the team.

The OTS is currently consulting on its future strategy and objectives and has issued a strategy consultation document seeking views on how the OTS should develop and operate under its new statutory body status.

The closing date for response to the consutlation is 31 July.

Details on the OTS strategy consultation are available here