Avoiding the big picture question of whether the government should tax more/less or spend more/less, this is my Budget 2019 Wish List. It’s in no particular order and is definitely not comprehensive – it’s about ending anomalies that have never made sense to me (from a personal not professional point of view). But I guess if there is a theme, it’s all about slimming down those fat cats!
- End higher rate pension tax relief – it serves only to enrich the wealthy – and use the savings to widen the standard (lower) rate income tax band.
- Consider going further and cutting the link between pension contributions and earnings by introducing capped SSIA style pensions for all with a flat rate government gifted discount.
- End rental income tax relief for individuals – it’s time to stop subsidising the buy-to-let generation. Why should one asset class get such special treatment?
- Eradicate (or tax) child benefit or any other welfare payments that end up in the hands of high earners.
- Work on eliminating some of the tax breaks and exemptions (too many to list here) that only benefit rich individuals and corporations.
- Level the investor playing field by cutting Fund Exit Tax and DIRT to Capital Gains Tax levels and then cut again (OK this is both a personal and professional gripe).
In saying all this, I am no tax guru so I’m sure there are experts out there who will tell me this is all too simplistic or radical or both.
This is not in the interests of my clients (or me) but shouldn’t government policy work for the many not the few?