New personal tax statement for 24mn people
From October 2014, around 24 million people will receive a personal tax statement from HMRC detailing how their taxes were spent, the Chancellor George Osborne has announced.
This is 4 million more people than was originally announced at the Budget 2012.
The additional people are PAYE taxpayers who have had recent contact from HMRC setting out their tax calculation for a previous tax year.
The Government announced at Budget 2012 that 20 million taxpayers would receive a new tax statement from October 2014. It will explain:
• how their 2013/14 income tax and national insurance contributions have been calculated
• their average tax rates
• how their contributions have been spent.
George Osborne hopes that the decision will lead to increased transparency within the tax system:
“These tax statements represent a huge boost for tax transparency, showing people very clearly how much tax they pay and giving them a better understanding of where their money is spent.”