5.2.1. Corporation Tax
5.2.1.1. Corporation tax is impossible to collect correctly with massive bureaucratic costs and legal fees – it will be best to abolish it entirely and recover the funding from greater National Insurance taxation and progressive Sales Tax collectable at the source.
5.2.1.2. This new system will save both the taxpayer and the government millions of pounds in bureaucratic tax returns which will be now unnecessary – retail shops will be offered assistance from the extra burden of calculation VAT/Sales tax by connecting their EPOS system to the Inland Revenue system which will calculate tax required and deduction at source directly from the retailer bank account.
5.2.1.3. This new system will irradiate fraud as paper money will be removed from circulation allowing only electronic transactions and transparency
5.2.1.4. Reverse the current Corporation Tax cuts releasing money for public services.
5.2.2. Progressive Sales Taxation
5.2.2.1. VAT or progressive sales tax will be given thresholds depending on the ‘luxury value’ of the goods. This will allow food, clothing, rent and utilities that live is dependent upon to be zero taxed – moving on to goods such as Yachts and Cars being taxed at 50%.
5.2.2.2. VAT/Sales Tax is only payable to the end consumer – ending the VAT frauds of the past. All business will have to declare if they are a supplier or a retailer.
5.2.2.3. Tourists will not be able to reclaim VAT/Sales tax in future.
5.2.3. National Insurance contributions
5.2.3.1. National insurance tax will be abolished for Employees.
5.2.2.2. Corporations will have to pay National Insurance at 25% and SME (smaller than 250 employees) at 15% - self-employed and micro-business (less than 5) are Zero rated NI.
5.2.2.3. A minimum threshold of £3,000 will be payable to all employers taking on staff on Zero hour contracts and part-time staff.
5.2.4. Personal Taxation
5.2.4.1. All personal Income Tax will be abolished ensuring the individual keeps all the income they earn.
5.2.4.2. Raise the tax-free Personal Allowance to £12,500 by the end of the next parliament.
5.2.5 Non-dom Status
5.2.5.1. Individuals will no longer be offered special tax status known as 'non-dom status'.
5.2.6. Tax Evasion
5.2.6.1. Take tough action against corporate tax evasion and avoidance.
5.2.6.2. Setting a target for HM Revenue and Customs to reduce the tax gap and continuing to invest in staff to enable them to meet it.
5.2.6.3. Introducing a general anti-avoidance rule which would outlaw contrived structures designed purely or largely to avoid tax.
5.2.6.4. Implement the planned new offence of corporate failure to prevent economic crime, including tax evasion, with penalties for directors up to and including custodial sentences.
5.2.6.5. Levying penalties on firms proven to facilities tax evasion, equivalent to the amounts of tax evaded by their clients.
5.2.6.6. Asking the bank of England's Financial Policy Committee to consider the approach to pay tax taken by banks for themselves, their employees and for their customers, as part of their assesment of the risks posed by the sector.
5.2.1.1. Corporation tax is impossible to collect correctly with massive bureaucratic costs and legal fees – it will be best to abolish it entirely and recover the funding from greater National Insurance taxation and progressive Sales Tax collectable at the source.
5.2.1.2. This new system will save both the taxpayer and the government millions of pounds in bureaucratic tax returns which will be now unnecessary – retail shops will be offered assistance from the extra burden of calculation VAT/Sales tax by connecting their EPOS system to the Inland Revenue system which will calculate tax required and deduction at source directly from the retailer bank account.
5.2.1.3. This new system will irradiate fraud as paper money will be removed from circulation allowing only electronic transactions and transparency
5.2.1.4. Reverse the current Corporation Tax cuts releasing money for public services.
5.2.2. Progressive Sales Taxation
5.2.2.1. VAT or progressive sales tax will be given thresholds depending on the ‘luxury value’ of the goods. This will allow food, clothing, rent and utilities that live is dependent upon to be zero taxed – moving on to goods such as Yachts and Cars being taxed at 50%.
5.2.2.2. VAT/Sales Tax is only payable to the end consumer – ending the VAT frauds of the past. All business will have to declare if they are a supplier or a retailer.
5.2.2.3. Tourists will not be able to reclaim VAT/Sales tax in future.
5.2.3.1. National insurance tax will be abolished for Employees.
5.2.2.2. Corporations will have to pay National Insurance at 25% and SME (smaller than 250 employees) at 15% - self-employed and micro-business (less than 5) are Zero rated NI.
5.2.2.3. A minimum threshold of £3,000 will be payable to all employers taking on staff on Zero hour contracts and part-time staff.
5.2.4. Personal Taxation
5.2.4.1. All personal Income Tax will be abolished ensuring the individual keeps all the income they earn.
5.2.4.2. Raise the tax-free Personal Allowance to £12,500 by the end of the next parliament.
5.2.5 Non-dom Status
5.2.5.1. Individuals will no longer be offered special tax status known as 'non-dom status'.
5.2.6. Tax Evasion
5.2.6.1. Take tough action against corporate tax evasion and avoidance.
5.2.6.2. Setting a target for HM Revenue and Customs to reduce the tax gap and continuing to invest in staff to enable them to meet it.
5.2.6.3. Introducing a general anti-avoidance rule which would outlaw contrived structures designed purely or largely to avoid tax.
5.2.6.4. Implement the planned new offence of corporate failure to prevent economic crime, including tax evasion, with penalties for directors up to and including custodial sentences.
5.2.6.5. Levying penalties on firms proven to facilities tax evasion, equivalent to the amounts of tax evaded by their clients.
5.2.6.6. Asking the bank of England's Financial Policy Committee to consider the approach to pay tax taken by banks for themselves, their employees and for their customers, as part of their assesment of the risks posed by the sector.