Most taxpayers unaware of important changes to the tax system.
HMRC should reform its approach to communications and consult further on the impact of the planned digital strategy said the House of Lords economic affairs committee in its review of the draft Finance Bill.
The lords said most taxpayers were unaware of the imminent change to the taxation of savings and whether they might have to file a tax return and pay tax to HMRC on interest earned in future.
The committee called for an effective strategy of communicating with taxpayers and a ‘public awareness campaign led by HMRC in partnership with banks building societies and other financial institutions’. This should use a variety of media including more traditional approaches and inform savers of their tax obligations and the need to review their savings choices in the light of the changes.
Lord Hollick committee chair said: ‘HMRC’s communication strategy has been inadequate...
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