Personal Taxes

OTS to evaluation smarter methods of utilizing third-party personal tax data

This new review examines the ways that the government and HMRC’s ten-year tax administration strategy needs to make smarter use of data about taxpayers and their activities – pre-filling of tax returns, including data from third parties – to reduce tax policy by taxpayers and agents provide additional information that HMRC either already has or could verify on its own. “

The review examines the principles that should apply to third party data and taxpayers in general. It will also consider sources of third-party data that HMRC may find helpful for individuals to receive and how this can best be embedded in the next phase of HMRC’s work on designing a single digital account and the system in general.

The review will take into account the main considerations, implications and priorities that HMRC should focus on, any stages in which work could best continue and the realistic timetables.

The OTS previously considered the potential for third party data regarding self-employment and rental income in its review of tax reporting and payments. This review focuses on personal tax information, including:

  • Interest of the bank and the building society (based on the information already available)
  • Dividends from UK companies and distributions from authorized mutual funds
  • Distributions from open ended investment companies in the UK and overseas
  • Pension contributions
  • Gift payments to charities
  • Investment and asset manager data, including information on taxable profits, excess reportable income, interest, dividends and compensation payments
  • Chargeable Events for Insurance Bonds
  • License fees

The OTS will shortly be launching a call for evidence and intends to publish a report setting out its findings in the summer of 2021.

Notes for editors

The OTS is the government’s independent tax simplification advisor, challenging tax complexity to serve all users of the tax system. Changes are not implemented – this is a matter for government and parliament.

The OTS is working to improve the experience of everyone who interacts with the tax system. The aim is to reduce the administrative burden – which people encounter in practice – and to simplify the rules. Simplifying the technical and administrative aspects of the tax is important for both taxpayers and HMRC.

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