- 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, which was implemented with effect from the 2023/24 tax year.
- Timing: following the publication of the OTS findings on 15 September 2022, the previous government considered the issue and the timing of reform (if any). As this report was requested by the previous government, it is not clear whether the new government is considering the outstanding issues.
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)
