Tax

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 elsewhere in the EU 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- and 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.