OTS to review potential for moving the end of the tax year

The Office of Tax Simplification (OTS) is to explore the benefits costs and wider implications of a change in the date of the end of the UK tax year for individuals and will publish a report this summer.

The review will address mainly the tax simplification issues but it will also take account of the implications of any change in other areas such as in relation to tax credits and benefits.

The review will focus on the implications of moving the tax year end date from 5 April to 31 March. This is both the end of a calendar quarter and the nearest month end date to the end of the current tax year. It is also the UK financial year end date to which the UK government makes up its own accounts and by reference to which corporation tax rates apply.

Changing the...