APPG on Financial Education for Young People: Rapid inquiry on Primary-School aged Financial Education
Together, the Chartered Institute of Taxation (CIOT), its Low Incomes Tax Reform Group (LITRG) and the Association of Taxation Technicians (ATT) have responded to this APPG inquiry on financial education, highlighting the importance of introducing a basic understanding of tax throughout the education system.
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Paying tax and national insurance contributions are part of life and it is essential that people understand both why we pay them and gain an understanding that citizens have tax obligations.
Whilst the tax system is extremely complex, it is relatively easy to introduce some of the key concepts to young children. These foundations can be built upon as the child progresses through the education system, sufficient to provide a basic understanding of how the tax system works. This will help overcome the problem, evidenced in our submission, of young people’s inadequate grasp of tax.
Read the full submission here.