Edward Reed and Charlotte Kynaston (Macfarlanes) provide this month’s review of developments affecting private clients.
Potential changes to the UK’s tax year end date
The Office of Tax Simplification (OTS) is currently exploring a potential change to the end of the UK tax year for individuals which would see the tax year ending on either 31 March or 31 December. In its scoping document the OTS has said that it will consider the following factors:
the financial implications for the exchequer the tax gap and compliance generally particularly in relation to income tax PAYE NICs capital gains tax and inheritance tax;
the financial and administrative implications for taxpayers employers and businesses;
interactions with other government departments and devolved administrations;
implications for areas connected to individuals such as partnerships and trusts; and
the practical implications for HMRC and its...
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Edward Reed and Charlotte Kynaston (Macfarlanes) provide this month’s review of developments affecting private clients.
Potential changes to the UK’s tax year end date
The Office of Tax Simplification (OTS) is currently exploring a potential change to the end of the UK tax year for individuals which would see the tax year ending on either 31 March or 31 December. In its scoping document the OTS has said that it will consider the following factors:
the financial implications for the exchequer the tax gap and compliance generally particularly in relation to income tax PAYE NICs capital gains tax and inheritance tax;
the financial and administrative implications for taxpayers employers and businesses;
interactions with other government departments and devolved administrations;
implications for areas connected to individuals such as partnerships and trusts; and
the practical implications for HMRC and its...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")