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Good article Neil. I would go much further. Every business should be registered for VAT with no schemes, vat on everything but at a lower rate. No money exchanges between vat registered business. Both vat numbers to be put on the invoices. So only the VAT paid by Joe public (the original intention of vat) goes to HMRC.
Yes, of course there would be some "mistakes" to start with, but they would be easy to find and control.
Too simple? It'll never happen
I'd like to abolish VAT altogether and make up the shortfall with a land and property tax, a financial transaction tax, 100% inheritance tax and higher rates of income tax, especially on unearned income.
Better still why not let the Government decide how much pocket money we should have for the work we do. No tax, as my mates' number plate says.
I'd like to abolish VAT altogether and make up the shortfall with a land and property tax, a financial transaction tax, 100% inheritance tax and higher rates of income tax, especially on unearned income.
I assume that you are joking about the 100% Inheritance Tax.
Why would anyone bother if this is the case?
Well, other half would like the consequences of 100% IHT, we would end up keeping all our worldy goods in gold, diamonds etc- small, portable and untraceable.
So stuff putting money into ISAs, Pensions, Whole of Life policies, savings plans etc, on her Birthday and at Christmas just blow the money on yet another sparkly adornment- I now need to buy some shares in some safe installers, oops, no I don't, they will be traceable so subject to IHT.
Working hard and long hours, taking risks, employing people, making the most of what skills you have etc etc in the hope that when the time comes to shuffle off you can pass on the fruits of your labour to your nearest and dearest
To make a living? Because they prefer doing that to being employed?
I doubt everyone would give up work just because they couldn't leave their wealth to their children.
Ah, I have just the job for you in the old USSR or Cuba. Your salary will be exactly the same as doctors, dentists, lavatory cleaners and shop assistants so total (theoretical) equality
Ah, the old "If you don't like it, go and live in Russia argument" beloved of intellectuals everywhere.
I believe this type of logical fallacy is known as "whataboutery".
Hate to tell you this but the old USSR doesn't exist anymore. As for Cuba - have you been lately -. If not try Airb&b. However I'm sure Mr putin would welcome a new Engel.
How did you get your name past the eagle aweb censorship regime?
To be really radical how about no VAT but a 0.5% turnover tax on everything sold (this would include rents, property sales but remove stamp duty, insurance remove IPT etc) which would be simple to understand and easy to police. No recovery of input tax, no partial exemption, no zero rated, no outside the scope plus no change to the rate so that the take is based on the bouyancy of the economy.
To be really radical how about no VAT but a 0.5% turnover tax on everything sold (this would include rents, property sales but remove stamp duty, insurance remove IPT etc) which would be simple to understand and easy to police. No recovery of input tax, no partial exemption, no zero rated, no outside the scope plus no change to the rate so that the take is based on the bouyancy of the economy.
Totaly agree in principle.
I would also increase the percentage and remove CT this has the advantage of taxing Amazon, eBay Facebook, Google and all the other offshore entities.
Know where you're coming from, but if we are going down that route we should abolish all tax and start from scratch as to how we finance our health and welfare.