The UK Office for Tax Simplification has published a policy paper providing an analysis of the potential benefits, costs, and wider implications of changing the tax year for individuals to the calendar year ending 31 December or the year ending 31 March. The UK's current tax year for individuals ends on 5 April.
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Summary findings
There are clear benefits in adopting a tax year which is either aligned with the calendar year or with a calendar month-end, especially given the increasing…