There is no doubt that the tax system is a mess, with loopholes galore for those with the right knowledge or advice. a wholesale removal of ALL tax breaks and a flat rate of tax on all income from all sources with no breaks for Trusts or other tax avoidance dodges then a universal income for all citizens, a minimum amount just enough to avoid the need for food banks. would produce more income than the present set up and if all savings, by means of a SIPP or similar were then regarded as deferred income the tax would be deferred. On redemption then all cash coming from these 'SIPPS' would be taxed as income. Eliminating the need for capital gains tax. Immigrants should be allowed to find work, but get no universal income until they can show that they have paid adequate ta already to acquire official residence in the UK. I am convinced that a rigorous application of the above would transform the UK economy.
There is no doubt that the tax system is a mess, with loopholes galore for those with the right knowledge or advice. a wholesale removal of ALL tax breaks and a flat rate of tax on all income from all sources with no breaks for Trusts or other tax avoidance dodges then a universal income for all citizens, a minimum amount just enough to avoid the need for food banks. would produce more income than the present set up and if all savings, by means of a SIPP or similar were then regarded as deferred income the tax would be deferred. On redemption then all cash coming from these 'SIPPS' would be taxed as income. Eliminating the need for capital gains tax. Immigrants should be allowed to find work, but get no universal income until they can show that they have paid adequate ta already to acquire official residence in the UK. I am convinced that a rigorous application of the above would transform the UK economy.