The Chancellor should merge existing taxes rather than introduce new charges, says the CPS.
To read the full article, visit the Telegraph website.
“The Centre for Policy Studies said the Chancellor should avoid introducing new punitive wealth taxes or council tax bands.
“There is scope, however, to embark on a revenue neutral tax reform programme according to the principles of broadening bases and lowering marginal rates, starting with the full merging of income tax and employees’ National Insurance into a single income tax rate (with employers’ National Insurance replaced with a simple payroll tax),” said the thinktank.
There has been speculation that those earning £150,000 or more will again have their income tax reduced back to 40p from 35p, although others regard this as unlikely.
With VAT having already risen from 17.5pc to 20pc last year, PricewaterhouseCoopers do not predict that Mr Osborne will raise it further to 22.5pc.
There have been suggestions that Mr Osborne could announce further measures to tackle tax avoidance. Vince Cable indicated earlier this month that fresh steps were to be set out in the Autumn Statement amid ongoing controversy over the amount of tax paid by some large, international corporations.”
To read the full article, visit the Telegraph website.
Date Added: Friday 30th November 2012
