Draft Finance Bill 2016 – Simple assessment
LITRG has responded to the HMRC consultation document on draft legislation to introduce a new method of issuing assessments to taxpayers who do not have to complete tax returns. It will take effect from 6 April 2016.
The legislation is broadly welcomed, as it will prevent many taxpayers being obliged to complete tax returns.
Nevertheless concerns are raised that taxpayers may not understand the need for them to check the notices carefully and could miss out on the opportunity to claim reliefs or expenses.
LITRG also asks for clarification as to when this new power will be used and how the new power will interact with the new digital tax accounts.
The LITRG submission can be found here.