Simplify the tax system!

 Hammond needs to simplify tax system

The Times’ Mark Little and the Telegraph’s Mathew Lynn both call for the Chancellor Phillip Hammond to use his Autumn Statement as an opportunity to scrap swathes of taxes. They say Britain’s tax system has become dysfunctional and inefficient. Mr Littlewood says Mr Hammond should be seeking to ease the overall tax burden down to about 30% of national income to boost confidence and stimulate growth. Mr Lynn takes particular exception with the buy-to-let tax and says all changes to stamp duty should be scraped – “You shouldn"t need a couple of hours with an expensive lawyer or accountant just to work out how much stamp duty you owe when you buy a property,” he quips. He adds that ideas such as a tax on sugary drinks are nothing more than virtue signalling while a sprawling array of Isas are “simply cluttering up the tax system.”

Source:   The Times (08/11/2016)