Personal Tax Statement

From the 2014/15 tax year the Government will introduce a new Personal Tax Statement for around 20 million taxpayers, including Self Assessment taxpayers and those in PAYE who receive a coding notice.

The statement will detail the income tax and NICs they have paid and their average tax rates. It will also outline how this contributes to public spending, outlining the proportions used for education, health and welfare.

The aim is to improve the transparency of the tax system.

According to sample Treasury calculations, someone earning just over £25,000 would pay £5,700 in direct taxes. Of that, more than £1,900 would go on welfare and pension payments, nearly £1,000 on health and £750 on education. £360 would also be spent on national debt repayments.

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