No more tax returns....it must be true because George Osborne said it.

George Osborne in today's 2015 Budget speech.

So, today I am announcing this.

We will abolish the annual tax return altogether.

Millions of individuals will have the information the Revenue needs automatically uploaded into new digital tax accounts.

A minority with the most complex tax affairs will be able to manage their account on-line.

Will we really be able to manage our cross-border tax affairs inside an HMRC IT system?
Good luck getting credit for tax you paid to the IRS on US sourced dividends.

http://www.bbc.co.uk/news/business-31937637

Last line: "People who wish to continue filing an annual paper return will be able to do so."

http://www.bbc.co.uk/news/business-31937637

Last line: "People who wish to continue filing an annual paper return will be able to do so."

Yes I saw that too.....interesting how what a politician says is never the truth, even with terms like "abolish" and "absolutely" there will still be annual tax returns.

Since everything was referred to as 2015/16 or 2019/20 etc., one has to assume there will still be tax years, with an annual amount for each year. Surely it would be impossible to have "tax years" abolished.

It's looking even worse for UK-centric pensioners with a US tax obligation. By 2016/17 the personal allowance will be £11,000, and starting next year you will now have the additional "savings personal allowance" of £1,000 (@20%) and £500 (@40%). On top of tax free cash ISA's, FTC's are disappearing rapidly! 

ALERT!!!!!

This just came up on the IBS site.

The UK has a model 1 IGA. Does point 2 in the below really mean what it says?

Perhaps worthy of a separate thread?

http://www.irs.gov/Businesses/Corporations/Update-to-2014-Instructions-to-Form-8938-1

It is simply another punishment for honest hardworking Americans (who retire to the UK) because they will not be able to de-annuitise their US pensions and will have to keep on filing UK tax returns.