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Budget 2015: Annual tax returns abolished

The Government will abolish the annual tax return, Chancellor George Osborne has announced.

In his final Budget before the General Election, Osborne said millions of people will have their tax automatically managed through digital accounts from next year. 

Those with the most complex tax affairs will manage their accounts online. 

Osborne said: “12 million people and small businesses are forced to complete a self-assessment tax return every year. It is complex, costly and time-consuming.

“We will abolish the annual tax return altogether.

“Businesses will feel like they are paying a simple, single business tax – and for most the information needed will be automatically received.

“Tax really doesn’t have to be taxing, and this spells the death of the annual tax return.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. “Osborne said: “12 million people and small businesses are forced to complete a self-assessment tax return every year. It is complex, costly and time-consuming”

    FCA, (re- RMAR) TAKE NOTE !!!!!

  2. Interesting concept….. and a nice thought but is it really that practical?
    Tongue in cheek now but will this also eliminate the SA302 rendering 12m people unmortgagable in some lenders eyes?

  3. Grey Haired Underwriter 19th March 2015 at 11:59 am

    The devil, as always, is in the detail. And there is very very little detail. Being the cynical underwriter that I am I would suspect that the law of unintended consequences is going to play heavily on this decision. Guess we will have to wait until the dust settles but I really fear for a lenders ability to get clear independent confirmation of income and god forbid that the regulator gets the concept of the equivalent of self cert back returning to the market!

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