Is the UK’s Personal Tax System Fair?
Let’s look at the personal tax system. We have the most complicated tax system in the world. At the moment everyone gets a personal allowance before getting taxed. Incidentally this will change in 2011 when a number of people will lose their personal allowance and will find themselves paying tax at 63%, when including the NH contribution. At the moment this will only apply to people earning over £150,000.00 per annum. Perhaps we shouldn’t worry too much about these people, except to say that it is symptomatic of a Labour policy, which many of the left wing of the party have wanted introduced for years. It won’t stop at £150,000.00; the threshold will come down and the rate will go up. When this type of policy is introduced then tax revenues inevitably reduce dramatically. The government is already faced with a number of our major companies moving their head offices to other countries because of the pernicious corporate tax policy in place in the UK. It won’t take long for individuals t
