congestion charging if you're daft enough to drive in...(sorry about the delay...i stuck in NIC but was too slow in posting, then started to edit it but somebody asked me a question before i could post again)...
[cite]Posted By: suzisausage[/cite]isn't inheritance tax soon to be abolished?
Only according to the Daily Mail who seem to have a vendetta against it without understanding the issue. Basically, were Inheritance Tax to be abolished then in order to make up the shortfall we would lose a number of other reliefs, most notably the total exemption from Capital Gains Tax on sale of our private homes. Anyone care to pay 40% of any profit on the sale of their house to Gordon?
Virtually all taxes, including Road Tax & TV Licence, go first to Government Treasury Funds and then a smaller sum paid out to the relevent budget - leaving the remainder to pay for bombs in Iraq or Prescott's Jags.
Think of the money saved on administration & collection if they combined many of these types of tax into just a few.
You could do away with eg Road Tax & TV Licence, save the cost of collection and administration - and raise the money needed by, say, an increase in VAT.
It wouldn't cost any more to collect VAT at 20% than it does at 17.5%.
I'm sure I read somewhere that if road tax was scrapped and 0.5p extra put on fuel duty to make up the difference then £3m would be saved in administration costs.
I assume they put Tax on the air pressure gadgets at Petrol stations as after all charging people for Air takes the P***. It must be another form of tax.
Can't believe nobody's mentioned the Climate Change Levy yet - or Landfill Tax - or the tax on Hydrocarbon oils!!
[cite]Posted By: JWADDICK[/cite]
[cite]Posted By: suzisausage[/cite]isn't inheritance tax soon to be abolished?
Only according to the Daily Mail who seem to have a vendetta against it without understanding the issue. Basically, were Inheritance Tax to be abolished then in order to make up the shortfall we would lose a number of other reliefs, most notably the total exemption from Capital Gains Tax on sale of our private homes. Anyone care to pay 40% of any profit on the sale of their house to Gordon?
I don't think that's strictly true JWA. There's no automatic corallation between CGT and IHT. It's just as possible that Income Tax or VAT would go up to make up the shortfall - although both would be less politically attractive. Fact is that every year the IHT yield goes up as it is, but clearly this doesn't mean that other taxes go down. All that happens is that there's more money in the pot for our government (of whatever persuassion) to spunk.
Comments
capital gains tax
national insurance
Tax on cigarettes
ltgtr speechless... never thought I'd see the day! ;-)
Insurance Tax
Excise duty
Only according to the Daily Mail who seem to have a vendetta against it without understanding the issue. Basically, were Inheritance Tax to be abolished then in order to make up the shortfall we would lose a number of other reliefs, most notably the total exemption from Capital Gains Tax on sale of our private homes. Anyone care to pay 40% of any profit on the sale of their house to Gordon?
Think of the money saved on administration & collection if they combined many of these types of tax into just a few.
You could do away with eg Road Tax & TV Licence, save the cost of collection and administration - and raise the money needed by, say, an increase in VAT.
It wouldn't cost any more to collect VAT at 20% than it does at 17.5%.
LOL priceless!
Speeding Fines
I don't think that's strictly true JWA. There's no automatic corallation between CGT and IHT. It's just as possible that Income Tax or VAT would go up to make up the shortfall - although both would be less politically attractive. Fact is that every year the IHT yield goes up as it is, but clearly this doesn't mean that other taxes go down. All that happens is that there's more money in the pot for our government (of whatever persuassion) to spunk.
Tax on rental income