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The truths they don't want you to read....

Thursday, July 12, 2007

LibDem tax policy

Overall the new policy as unveiled by Ming the Hopeless is sensible and balanced, and addresses some of the anomalies created/fostered/encouraged by Gordon Brown.

Good ideas:
A local, local, income tax
Return business rates to local control
Simplify the tax legislation
Tax capital gains made by non-UK residents on UK property (including foreign companies?)

Bad ideas:
Dropping the plan to have a 50% tax rate for highest earners
Replace Airport Passenger Duty with taxes based on plane emissions. As we have the oldest, most polluting planes, it is simply relocating the problem from London to the 'fringes'

Need more thought:
Reduce basic rate of tax to 16% (this will actually be from 22% to 18%) but doesn't help these in most need
Raising the Inheritance Tax threshold

Overall, could do better. And does all this also apply in Scotland?

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