Milton Keynes South MP welcomes the new annual tax summary

Iain Stewart, MP for Milton Keynes South
Iain Stewart, MP for Milton Keynes South
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From this week, individuals will start to receive a personalised annual tax summary, which will set out how much direct tax they pay and how that money is spent.

City MP Iain Stewart has welcomed the move saying it will give people “real transparency” on how their taxes are spent.

Mr Stewart said: “I think it is absolutely right that people in Milton Keynes and across the UK should know how much direct tax they pay and how that money is spent.

“By working through our long-term economic plan, we have rooted out the waste and inefficient spending.

“There is still a long way to go, but I am sure that if people understand where their money goes they will understand the need to ensure Government spending is under control.”

Chancellor George Osborne made the announcement back in 2012 as part of his budget speech and it is estimated 24 million taxpayers are expected to receive the summaries.