I suspect I will get time to blog this afternoon - but during the budget I'll be making my comments on what is happening on Twitter.
There is a copy of my Twitter comments in a box on the right - continually updated - or better still follow @RichardJMurphy to get the real thing.
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“HMRC find that an astonishing £16 billion of income was deliberately shifted into the previous tax year — at a cost to the taxpayer of £1 billion, something that the previous Government’s figures made no allowance for.”
One should be asking why this avoidance/evasion of £1bn of taxes is possible , and then chasing those responsible for their dues. But what they do instead is to reward the perpetrators with a tax cut. Most of us cannot switch income from year to year in such manner. Given that there are some who seem to have such freedom — actually giving them notice that the tax rate will go down to 45% next year appears to be a singularly stupid act..
Astonishing, isn’t it?
It’s no difference to announcing the tax rate will go up, but in a year’s time. Just the other way round.
Colin
The difference is that now the Government is saying that it is astonished by the degree of tax avoidance/evasion that is undertaken by higher rate tax payers and knows that it happens – once bitten twice shy as they say. I note that the Govt doesn’t take a similar approach to taxes such as tobacco and spirits duties where the rest of the population migh actually have some ability to engage in tax planning.
It is also quite astonishing how the Govt/HMRC is able to generate precise figures for tax avoidance when it suits its political desires – but is only too willing to poo-poo the estimates made by others when it doesn’t
Indeed!
I like your argument! i amy even borrow it!