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The Office of Tax Simplification has now completed the first stage of the review of pensioners’ taxation. The initial stage of the review gathered comprehensive evidence of the tax complexity experienced by pensioners and has set out an order of priority to tackle the issues identified. The second stage, which is due out later in the year of the review will explore these issues in more detail and make specific simplification recommendations.
On Tuesday 6th March 2012, the OTS published the interim report of the review of pensioners’ taxation and called on the Government to make the tax system simpler for pensioners, and has suggested that the taxation of state pensions might end altogether.
Around five million pensioners currently pay income tax, and the interim report from the OTS describes the current system as ‘overly complex’, and highlights the problems faced by pensioners as a result of a ‘maze’ of tax rules and complex administrative processes.
The report also calls for the reform of the married couples allowance, the taxation of savings, and age-related personal allowances for those aged over 65.
Stuart Coleman, Manager of the Tax Department of ABDS says:
“People find that the Tax System gets more complicated as they get older and a plain simpler system would benefit all in making their responsibilities clear.”
If you need any help and advice with your Personal Tax returns, contact ABDS to discuss how we can help.
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: firstname.lastname@example.org