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CIOT: People aren't prepared for new tax rules

The government's reforms for the new tax year will come as a surprise to many members of the public, according to the Chartered Institute of Taxation.

Speaking yesterday, the organisation's John Whiting commented that a majority of people have not "take[n] the trouble to understand" the tax system.

Various changes are being made to taxation in the UK when the new financial year begins this Sunday, including the introduction of a flat rate for capital gains and a cut to income tax.

Mr Whiting added: "I think that the ordinary man and woman in the street don't take the trouble to understand the tax system - it's almost as though they feel as though there is nothing they can do.

"I think that the changes that are about to happen will end up surprising a few people and yes, it will lead to confusion. It already is – there is plenty of evidence of that with capital gains tax changes."

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