New personal tax statement for 24mn peop

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.”

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s