The UK tax system has become excessively complex as a result of decades of government tinkering, albeit to promote fairness where possible. However, this has seen the unhealthy growth of a corporate and personal tax advisory sector, skilled in tax avoidance, which harms the financial health of the nation. TIME wishes to simplify tax-assessment and tax-collection and thereby create a virtuous environment of clarity and integrity throughout the UK.
- Personal tax to be one Flat Rate Tax (to be determined).
- Increase your personal tax allowance to £17,000.
- Decrease Corporation Tax to 15%.
- Ensure global corporations operating in the UK yet headquartered and taxed outside the UK are fully taxed on their UK turnover via the implementation of a Net Revenue Tax (NRT), the percentage rate on revenue to be determined.
- Reduce VAT to 10%.
- Scrap Inheritance Tax (IHT) to eliminate double taxation.
- Scrap Capital Gains Tax (CGT).
- The Stamp Duty rate on a domestic property purchase will be calculated on the total value of the purchaser’s property portfolio, with the exception of local authority or housing association owned estates.
- Introduce an annual aggregated assessable Land Value Tax (LVT) on land ownership, to reduce corporate land banking.
- All global income of UK citizens will be subject to the Flat Rate Tax.
- No tax relief for non-domicile citizens (Non-Doms will be subject to the Flat Rate Tax).
- Scrap VAT on essential sanitary products.
- Scrap the TV licence.