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Written Question
Taxation
Friday 29th October 2021

Asked by: Lord McKenzie of Luton (Labour - Life peer)

Question to the HM Treasury:

To ask Her Majesty's Government what plans they have, if any, to change the tax year end to 31 March each year.

Answered by Lord Agnew of Oulton

The Government has no plans to change the tax year end to 31 March each year. On 15 September 2021, the Office for Tax Simplification (OTS) published a report exploring a change to the date of the tax year end. The report found that, although there would be simplification benefits of moving the tax year, the transitional costs to Government and the private sector would be significant. The OTS does not consider that such a change should take place in the immediate future.