No personal allowance no higher rates no limits on your income just no more tax directed at you personally. if you think this is far fetched, please read on.
This is a serious attempt to completely update the UK tax system and revitalise the economy.
For decades successive governments have modified and reintroduced outdated systems without taking into account the way we live and go about our business in the modern world.
Take VAT for instance with thresholds and various rates, we often pay VAT on tax, as in the case of fuel duty, then VAT added to that. VAT registered individuals and organisations claim back as much as possible.
They are now considering a new tax for the autumn budget called OST.
The UK government has published an early-stage consultation, exploring the arguments for and against an Online Sales Tax (OST).
OST is actually a transaction tax
The whole system is ridiculous, outdated and not fit for purpose.
The following proposals will enable future governments to address issues instantly and bring us into the 21st century.
Under these proposals, all existing government funding will be stopped, no need for corporation or any other tax for that matter.
Let’s start with a clean sheet, abolish all taxes.
Now Impose an automated tax levied on every financial transaction within the Uk. This would result in providing Steady cash flow to the treasury department. And enable them to set budgets for defence, social care and infrastructure.
No exceptions, even a figure of 1%, would produce billions, from an ice cream to a mansion, no thresholds. Every transaction involved in producing the ice cream, or building mansion would contribute as well. Effectively taxing the same money over and over again.
It is impossible to list all contributors here, any transaction you can think of would be included.
Retail sales, Online sales, Construction, Utilities, Banking, and Stock market.
If any control of the economy is needed, then a surcharge can be applied to the relevant sector. Such as, Alcohol, tobacco, drugs, and energy.
Even environmental issues could be addressed by imposing a high surcharge on any pollutants such as fossil fuels and plastics, with minimal or zero surcharge on renewables and reusable bottles.
Should this system be adopted it could be implemented at midnight on the 4th April. The effect would produce an instant cash flow into the economy. All the previous years tax liabilities will still have to be honoured and the proceeds used to reduce the national debt saving millions on interest payments.
Anyone who claims it can’t be done, simply isn’t listening. This is not a party political issue it effects everyone across all political divides.
MPs would become responsible for their constituencies which would be funded from central government based on population and geographical needs. Council’s would not need to entice businesses into the area in order to increase revenue from business rates. Council tax has always been an issue. It should never have been about property. It’s supposed to be about people. At least Maggie did try.
It would be up to the MP to ensure the area is well cared for. Any of the existing or even a new political party could take up this plan.
Although I may be bias, I firmly believe whoever attempts to make it happen, will form the next government.
Thanks for your interest