The idea
We have too many taxes.
Abolish VAT and employees National Insurance and add them to Income Tax.
Abolish employers National Insurance and add it to Corporation Tax.
Abolish Stamp Duty and Inheritance Tax and make up the difference with either Income Tax or Corporation tax.
Rationalise the tax system into Income Tax, Corporation tax and Capital Gains Tax..
Why is it important?
UK businesses and individuals waste many hours and millions of pounds learning about, complying with, and disputing all the different forms of taxation, and a huge government department has evolved to deal with the complexities of the tax system. An entire industry of lawyers and other advisers thrives on nothing more than clarifying how the tax system works and resolving disputes. Has no-one noticed the nonsense of spending millions of pounds clarifying whether a Jaffa cake is a cake or a biscuit? Simplify the tax system and liberate British industry!