Budget 2015: Osborne confirms 'revolutionary' move to scrap annual tax return

clock

The Chancellor George Osborne has announced in today's Budget he plans to scrap the annual tax return, replacing it with a single ‘digital' tax account.

Describing the move as a "revolutionary simplification of the tax collection scheme", Osborne said the move would help 12 million Britons. As of next year, HMRC will automatically collate the tax affairs of millions of UK taxpayers from employers, banks and investment firms into a single digital tax account which can be checked at any time online. The accounts will allow tax to be paid at any time and will also simplify the payment of various levies for businesses. "We will abolish the annual tax return altogether. Millions of individuals will have the information the revenue needs...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Economics

Trustpilot