Taxation in the United Kingdom Essay

Taxation in the United Kingdom Essay

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“Then saith he unto them, Render therefore unto Caesar the things which are Caesar's; and unto God the things that are God's.”1
In an increasingly globalised world, governments control ever-greater proportions of our economy. Increasing longevity means greater requires increasing taxation for the majority.
This essay seeks to analyse taxation current, and proposed, and perhaps, where relevant, insights into mediocre utilitarian2 views, a thinking man’s deontological3 approach, and the virtuous approach; and also tax avoidance and evasion.
We also deal with non-natural individuals dealing with property.
Stamp duty
At present, borrowers purchasing a home below £125,000 are exempt from stamp duty tax. Thereupon, stamp duty tax is:
• 1% between £125,000.01 -£250,000;
• 3% between £250,000.01 -£500,000;
• 4% between £500,000.01 -£1,000,000;
• 5% between £1,000,000.01 - £2,000,000
• 7%for£2,000,000.01+
The above illustrates the idiocy of this tax structure. Not uncommon in London, consider one person purchasing a home at £1,000,000. They’d pay £40,000, whilst another purchases a home at £1,000,000.01 would pay £50,000. Obviously, a home would never be valued at this price, but it certainly serves to prove a point.
Stamp duty is amongst the most unpopular taxes relating to property tax, and is widely viewed as the most iniquitous and arbitrary tax. A group of Conservative Party backbenchers called the Free Enterprise Group call for a scrap of stamp duty tax on properties valued at less that £500,000.
The HomeOwners Alliance suggest the following 8 reforms4:
1 Matthew 22:21, King James Version
2 Utilitarianism definition – the doctrine that actions are right if they are useful, or, for the benefit
2 Utilita...

... middle of paper ...

...From Notches and Stimulus in the UK (June 2013) BEST and KLEVEN
II. Finance Bill 2014
III. Finance Act 2004
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