- The OTS reviewed the implications of moving the tax year-end from 5 April to 31 March or 31 December, and looked into potential alternative approaches to addressing practical issues connected with the tax year-end of 5 April.
- The OTS findings were published on 15 September 2022. Despite majority support for a different year end, views on the two proposed dates of 31 December and 31 March varied.
- In the short-term, the OTS recommended focusing on allowing self-employed taxpayers and individual landlords to use 31 March instead of 5 April when reporting their income, to facilitate MTD for income tax.
- Timing: following the publication of the OTS findings on 15 September 2022, the government is considering the issue and the timing of reform (if any).
Resources (click to open)
- Exploring a change to the UK tax year end date (OTS’s analysis of the potential benefits, costs and implications of a change to the tax year, September 2021)
- OTS to explore potential for moving the end of the tax year (June 2021)
