New tax statements to be sent out

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Published: Monday 3rd November 2014 by The News Editor

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Millions of people will this week begin receiving their first annual tax statements setting out exactly how much they pay in to the Exchequer and how their money is spent.

Chancellor George Osborne – who first announced the scheme in his 2012 Budget – said that it was designed to make the tax system more transparent and easier to understand.

The 16 million Paye taxpayers will receive their personalised summaries in the post over the course of the next seven weeks, while the eight million who complete self-assessment returns will be able to access their statement online.

“I promised that taxpayers would know much more about how much direct tax they pay and how that money is spent,” Mr Osborne said.

“Now we’re delivering on that promise by giving 24 million taxpayers a new personal tax summary. It is a revolution in transparency and it will show how hard-working taxpayers have to pay for what governments spend.”

For Labour, shadow treasury minister Shabana Mahmood, said: “This Government’s record on tax is giving millionaires a huge tax cut while everyone else pays more.

“Families and pensioners are paying more in higher VAT, but that tax isn’t part of these statements. By next year families will be £974 a year worse off because of tax and benefit changes since 2010.”

Published: Monday 3rd November 2014 by The News Editor

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