Philip Hammond has gifted Britain a third decade of gross fiscal irresponsibility If it ever truly began, it really does look like the era of austerity is over. After the savage cuts of George Osborne’s days, when current spending was slashed by an eye watering 0.2 per cent, Philip Hammond has decided enough is enough. The borrowing forecasts from yesterday’s Autumn Statement were diabolical. A surplus is now not [...]
National insurance is a complicated relic: Axe it in three simple steps If we were designing a new tax system from scratch, would anyone seriously suggest running three slightly different income tax systems at the same time? The fact that the government does precisely this is a relic of the past that has no place in a modern tax system. The combination of charges – income tax, plus employer’s [...]
The EU’s dangerous quest for tax harmonisation ignores that corporation tax itself is obsolete Most governments would love to get their hands on an extra €13bn (£11.1bn) from a multinational company. But the Irish government will likely be wrangling in court for many years at what will surely be considerable expense in a somewhat unusual bid to avoid collecting tax. The European Commission has ordered what is by far [...]
Cost of complexity: Britain’s tax relief chaos is even overwhelming HMRC November 27, 2014 HOW CAN HMRC be expected to administer Britain’s chaotic tax system if politicians keep passing so much legislation? Despite George Osborne frequently stating his preference for simpler taxes, last year’s Finance Bill was the second longest ever at 646 pages. There have only been five Finance Acts longer than 600 pages, and the coalition is [...]
