What I also want for the Budget

Posted on

I wrote yesterday about what I wanted for budget day.

Let's add some more:

1) The end to Channel Islands' VAT abuse

2) Reform to the domicile rule

3) £2 billion dedicated a year to closing the tax gap - with a yield of up to £20 bn and 30,000 jobs

4) 25% of all pension contributions to be invested in employment creating investment in the UK as a condition of tax relief

5) The adoption of Caroline Lucas' Tax and Financial Transparency Bill as government policy - meaning we would have country-by-country reporting in the UK and that all bank accounts of all limited comanies would have to be notified to HMRC - meaning those who are trading would be known so they could not avoid their liabilities;

6) A general anti-avidance principle

7) An investment income surcharge to stop national insurance avoidance - so much simpler than merging it with income tax

8) 50% tax at £100,000 of income - proceeds used to raise personal allowance at basic rate AND take people out of NIC on low income

9) A restriction on tax allowances available to all with income over £100,000 to a maximum of £5,000 a year - so that the poorest in this country don't subsidies the savings of the richest as they do at present. Reallocate revenue raised as for (8)

10) Require beneficial ownership of all companies in UK on public record and that all directors prove their identities to Companies House

11) Create a public register of trusts

12) Demand (11) and (12) of the Crown Dependencies and all British Overseas Territories

13) Full UK support for the extension of the EU Savings Tax Directive, Common Consolidated Corporate Tax Base and full country-by-country reporting.

14) An empty property tax

15) Reform to the residence rules.

And now I've got a train to catch so I'll stop there.

What do I realistically expect?:

a) Local authority bonds

b) Reform to Channel Islands' VAT rules

c) Reform to domicile rule

d) Mention of tax residence

e) Mention of a General anti-avoidance provision

And of the rest that would make so much change? Not a hope, I fear.

Which is how we know George Osborne is not serious about tackling the deficit, making sure we're all in this together or tackling tax abuse.

(Sorry for absence of links to all ideas - but all can be found by searching this site)


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