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Nov 24

Our wish list

  • 24 November 2014

On the 3rd December George will step up to the plate and deliver his last Autumn Statement before the next general election (May 2015). What will he say? No doubt a controlled mix of thrift and pre-election give-a-ways?

Here’s a few of our ideas for tax changes next year. We would invite you to include yours by adding a comment to this blog posting…

  1. From April next year it should be possible to get easier access to pension pots. Why not allow a free-of-tax transfer of all, or part, of the pot as a top up to the State Pension fund for the transferee?
  2. Introduce a new form of director’s loan that can be invested in a director’s company for a fixed term, say 3 years. As long as funds stay put director would get some form of tax relief – say 10% of loan per year?
  3. Merging NIC and income tax. Will this ever happen?
  4. Change the income tax personal allowance so that lower income earning individuals qualify for the maximum, say £15,000 per annum, and that this is gradually reduced to £0 for taxpayers with income in excess of £150,000. In other words spread the rate of reduction rather than the present system where all the allowance is taken from income levels of between £100,000 and £120,000 per tax year.
  5. Allow parents to leave part of their estate to increase the amount of pension fund that their children have in the State Pension, free of inheritance tax charges.
  6. If we are serious about encouraging small businesses to invest why not bring back Stock Relief? Remember Stock Relief? Businesses allowed to write off stock increases against their taxable profits.
  7. Extend the present level of AIA beyond 31 December 2015.
  8. Allow firms that cannot make a full recovery of their AIA claim to surrender relief for a tax credit?
  9. Could the dramatic steps in SDLT be ironed out? Make the bands graduated rather than applying the highest band to the total property value being transferred.
  10. And last, but not least, introduce a sales tax for companies that sell in the UK from a fiscal base of operation (tax jurisdiction) outside the UK.

Over to you George…

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