Tax

The tax system has become excessively complex through decades of government tinkering. This has seen the unhealthy growth of a corporate and personal tax-advisory sector, skilled in tax avoidance, which harms the financial well-being of the nation. TIME wishes to simplify tax assessment and collection via increased use of flat-rate taxes, creating a virtuous environment of clarity and integrity.

The UK tax system has become excessively complex as a result of decades of government tinkering, albeit to promote fairness where possible.

However, this has seen the unhealthy growth of a corporate and personal tax advisory sector, skilled in tax avoidance, which harms the financial health of the nation.

TIME wishes to simplify tax-assessment and tax-collection and thereby create a virtuous environment of clarity and integrity throughout the UK.

• Personal tax to be one Flat Rate Tax (to be determined).
• Increase your personal tax allowance to £17,000.
• Decrease Corporation Tax to 15%.
• Ensure global corporations operating in the UK yet headquartered and taxed elsewhere in the EU are fully taxed on their UK turnover via the implementation of a Net Revenue Tax (NRT), the percentage rate on revenue to be determined.
• Reduce VAT to 10%.
• Scrap Inheritance Tax (IHT) to eliminate double taxation.
• Scrap Capital Gains Tax (CGT).
• The Stamp Duty rate on a domestic property purchase will be calculated on the total value of the purchaser’s property portfolio, with the exception of local authority- and housing association-owned estates.
• Introduce an annual aggregated assessable Land Value Tax (LVT) on land ownership, to reduce corporate land banking.
• All global income of UK citizens will be subject to the Flat Rate Tax.
• No tax relief for Non-Domicile citizens (Non-Doms will be subject to the Flat Rate Tax).
• Scrap VAT on essential sanitary products.
• Scrap the TV licence.

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