Reforming UK Tax System
Discussion
If you were to "write the rule book" on UK tax, what would you want to see?
Without using political parties as justification or explanation, what changes do you think would be of most benefit and why?
Not just income tax, but VAT, corporation tax, inheritance, property taxes... Anything really. Just interested in getting some views on it and also to learn a thing or two about subjects I'm not entirely clear on through the discussion.
The question is prompted by a discussion with friends where despite similar incomes and thus paying similar levels of income tax, we had very different circumstances, and I almost felt that I (as a childless person on a reasonable income) should be paying a marginally higher rate than someone on a similar income but with a family.
Without using political parties as justification or explanation, what changes do you think would be of most benefit and why?
Not just income tax, but VAT, corporation tax, inheritance, property taxes... Anything really. Just interested in getting some views on it and also to learn a thing or two about subjects I'm not entirely clear on through the discussion.
The question is prompted by a discussion with friends where despite similar incomes and thus paying similar levels of income tax, we had very different circumstances, and I almost felt that I (as a childless person on a reasonable income) should be paying a marginally higher rate than someone on a similar income but with a family.
sidicks said:
Fittster said:
When you are retired I'm assuming you don't want to receive any benefits / public services that are generate from the children once they have grown up and are paying tax.
Until we have a major population crisis, then we don't need to encourage people to beeed!Justayellowbadge said:
PurpleMoonlight said:
Justayellowbadge said:
Yes, I can see how forcing those filthy property owning rich entitled scum in their ostentatious 2 bed starter homes to borrow 30k to give to the government is a policy that will do so much for the working class of the country.
What profit are you assuming they have made on their 2 bed starter home to arrive at your £30,000?I purchase a house for £150,000. Assuming it increases in value by 4% each year, and in 6 years I decide to sell for around £190,000. I've "made" £40k, but anything I want to buy is also give-or-take 25% more expensive than it was 6 years prior. If I want to avoid the tax, I have to move to a smaller home. Why?
PurpleMoonlight said:
You have realised a profit on a property sale. Why should it be tax free?
Because the profit is not of benefit if I require the funds to purchase an equivalent home elsewhere. It's not a 'nice to have' item, like art or wine - It's a home. A second home is different as it does not leave the owner potentially without a home if it is sold and tax is paid on the sale.Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff