Budget 2018: the chancellor has announced that Income tax, Capital Gains tax and Corporation tax voluntary tax returns are to be put on a statutory basis.

The measure will apply retrospectively to 6 April 1996 and prospectively, from Royal Assent to Finance Bill 2019 and will put voluntary returns on an equal footing with returns delivered under a formal Notice to file. 

It will apply to companies, individuals, partnerships and trusts.

Voluntary returns will henceforth be subject to late filing tax penalties.

Useful links:

Budget 2018 live highlights

Budget 2018 summary

External link

HMRC: Policy Paper: Income Tax, Capital Gains Tax and Corporation Tax: Voluntary tax returns