This is a provisional scoping exercise to consider the benefits, costs and wider implications of changing the date of the end of the tax year for individuals from the current 5 April, which has been used for centuries, to a 31 March year end cycle. The OTS is also considering a second option of a 31 December year end.

The review will focus on the implications of moving the tax year end date from 5 April to 31 March, or 31 December.

OTS will report back over the summer with detailed analysis of the impact of such a change and the potential benefits for the taxpayers, companies and also any advantages for the Exchequer in terms of tax collection and closing the tax gap.