No country has a perfect tax system. The deficiencies in Britain’s, however, are becoming more obvious. Partly that is because the state is taking more out of citizens’ pockets
tax year ended on April 5th. The dates are the simplest aspect of the British tax system. People in England, Wales and Northern Ireland pay a basic rate of income tax of 20% on annual earnings over £12,571 ; Scotland has its own rates. Britons must also pay national-insurance contributions of 12% of weekly earnings over £242, unless they are over the pension age or self-employed.
s and value-added tax . Together these three levies account for about half a trillion pounds of government revenue per year, two-thirds of the total tax take . They are infested with complications. Income tax ands is also paid by employers. The self-employed pays. Income tax is levied on investment income;Such differences incentivise chicanery.
Unfortunately, Britain’s property taxes are poorly designed. They include stamp duty, a tax on the sale value of a property payable by the buyer, and council tax, which is levied on the resident but is based on the valuation of the property in 1991 . This arrangement encourages year-to-year tweaking and gimmicks rather than coherent strategy. It has also led to a proliferation of tax reliefs over time, since cutting the tax on some categories of spending allows the chancellor to announce something popular at the budget. Any transport minister proposing subsidising domestic passenger flights, say, would get short shrift from the Treasury; an equivalentOne solution is to get rid of the theatrics.
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