CIOT Calls for Payslip Lessons in School

Schools should teach children about tax so they are able to read their payslips better as adults, according to experts.

The Chartered Institute of Taxation (CIOT) is calling on the government to include basic tax education in the national curriculum, stating that an understanding of financial matters should be a prerequisite for all British citizens.

CIOT president, Stephen Coleclough, said: "Most schoolchildren will one day become employees when they will need to understand a PAYE coding notice or payslip and to be able to identify when it is wrong. Many will go into business where tax is a key cost and administrative burden that cannot be ignored."

The tax group is calling on the Department for Education (DfE) to introduce lessons in schools on why tax is levied, its connection to UK politics, and understanding how to calculate it.

In response, a DfE spokesman, said: "The new national curriculum will make financial literacy complusory for the first time, as part of citizenship for 11 to 16 year olds. Pupils will be taught the importance of budgeting, of sound management of money, credit and debt, as well as understanding of different financial services and products.

"The new mathematics curriculum will also ensure that all young people leave school with an understanding of the maths needed for personal finance."

Posted by Gary Wilson Wednesday, August 14, 2013 9:43:00 AM Categories: News

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