Henry Smith MP has welcomed the news that from this week, 24 million taxpayers will be able to see their own tax payment summary, outlining how their money is being spent.
Henry said;
“It is right for taxpayers to see how the Government is spending their money. I am pleased to see that people throughout our town can see what their taxes are being spent on.
“16 million Pay As You Earn taxpayers will receive a personalised summary through the post, and a further eight million who complete self-assessment tax returns will be able to view their statements online.
“I am pleased that this Government is delivering on what the Chancellor of the Exchequer said would happen in his Budget in 2012.”
The Chancellor of the Exchequer, Rt Hon George Osborne MP, commented;
“I promised that taxpayers would know much more about how much direct tax they pay and how that money is spent.
“Now we're delivering on that promise by giving 24 million taxpayers a new personal tax summary.
“It is a revolution in transparency and it will show how hard-working taxpayers have to pay for what governments spend.”
Each tax summary shows how an individual’s income tax and National Insurance Contributions have been calculated for the last complete tax year. The summaries going out over the next seven weeks will detail the figures for 2013-14.
In the future HMRC have said that in the future, they will provide everyone with a personal digital tax account, which will include their own tax summary.
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Notes
The tax summaries show taxable sources of income, including income from employment, pension income and taxable state benefits where that information has been provided to HMRC. They do not include figures for any benefits received, which are calculated by household, rather than on an individual basis.
The reverse side of the tax summary is designed to show broadly how an individual’s personal taxes have been spent, with annual figures on public expenditure produced by HM Treasury. These figures include all public sector spending, covering the devolved administrations as well as spending by local authorities and public corporations.