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The Institute for Fiscal Studies has been carrying out a review of our tax system and has concluded that it is “overly complex and frequently unfair”
The IFS has proposed an extension of VAT to nearly all spending, including food, saying that the zero rating of certain products was an inefficient means of redistribution and causes an overly complex system.
Other proposals are :-
• The removal of taxation on standard bank and building society accounts,
• The abolition of stamp duty,
• the taxation of petrol and diesel being replaced by congestion charging
• More consistent carbon emission taxation.
• They have also, again, called for a merger of national insurance and income tax.
They have made it clear that this is an aspiration for the tax system over the next 10 to 20 years, with a gradual move towards the new system.
For help and guidance on all areas of taxation call Haxton Chartered Accountants West London.

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