It never ceases to amaze me that the government and those that advise it have not come up with some very simple yet very beneficial tax changes that will help Britain reduce its national debt.
I would like to see:
1) Road Tax.
To remain the same for one car at each address, but increase to £1200 a year for every additional car at a particular address.
This will reduce traffic on the roads negating the need for further road building.
2) Passenger Airport Duty.
This should be increased to 20% for all destinations where the trip is less than 10 days. It should remain as it is for
travellers spending 10 or more days out of the country.
This would reduce the unnecessary journeys to football matches and short weekend breaks abroad, cutting carbon emissions.
3) VAT
Should be increased to 25% for all goods not made in Britain. Goods made in Britain VAT should be reduced to 10%.
This would encourage investment in British companies and British manufacturing.
4) Income Tax.
Those earning more than £500,000pa taxed at 70%, Those earning less than £15,000 pay no income tax.
5) Stamp Duty
Should be abolished on all properties under 500,000. Stamp Duty for £500,000 and above to be at 5%.
6) Inheritance tax.
This should not be payable on the first £350,000, but the residential primary residence up to a value of £500,000 should
be exclude from the estate for IHT purposes.
