More difficult than annual assessments but I don’t think it’s any more complex than adding up your current income and then adding it to a running total.
The tax authorities already hold data for 7 years. Instead of lifetime averages we could the average of the last 5 or 10 years. We’re already treating about that amount of time as live for tax assessment purposes.
Or we could have a floor for more complex tax arrangments. If someone’s income was over £100k or £250k or £1m then they are subject to longer term averaging.
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andrewducker) wrote2012-02-09 01:22 pm
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The tax authorities already hold data for 7 years. Instead of lifetime averages we could the average of the last 5 or 10 years. We’re already treating about that amount of time as live for tax assessment purposes.
Or we could have a floor for more complex tax arrangments. If someone’s income was over £100k or £250k or £1m then they are subject to longer term averaging.