Do we need more loopholes?
The simple answer is – no. So if we don’t want any more loopholes, why keep creating tax initiatives just to bridge the funding gap of the government? Surely this is a short term fix for a long term issue.
Let me give you a much simpler idea. Estimates suggest that there are currently £14 billion of uncollected VAT and I wonder if it wouldn’t be easier and cheaper to just focus on outstanding tax. There are a lot of other substantial estimates for uncollected income tax and corporation tax but the numbers would bore you to tears.
So let me leave you with a modest proposal; I suggest we stop creating the additional taxes and difficult rules and implement a more efficient and simpler tax system.
What do you think?