Calculating Corporation Tax and Income Tax in the same way

Proposer
PaulJRobinson
State

Accepted

Vote Score

2

Age

2081 days


PaulJRobinson

@PaulJRobinson - over 5 years ago

This pull request has been automatically generated by prose.io.

@PaulJRobinson edited economy.md - over 5 years ago

Housing

Stamp Duty Land Tax (paid on house purchases) should be reformed, with tax band thresholds linked to the regional average house price. Purchases up to the regional average house price should be zero-rated. In addition, the 'slab' approach of current taxation will be changed to an incremental approach, where only the amount above a threshold is taxed at that rate.

Stamp Duty Land Tax (paid on house purchases) should be reformed, with tax band thresholds linked to the regional average house price. Purchases up to the regional average house price should be zero-rated. In addition, the 'slab' approach of current taxation will be changed to an incremental approach, where only the amount above a threshold is taxed at that rate.

Business

Personal income tax is calculated on income generated prior to expenses being deducted. But in business, corporation tax is calculated on any profit generated after expenses have been deducted from income. It is proposed that a study is conducted into the feasability and fairness of calculating them both in the same way: either personal income tax being revised and only calculated after household costs have been deducted (ie taxing household surplus or amount put into savings rather than income), or corporation tax being calculated on the basis of revenue alone.

philipjohn

@philipjohn - over 5 years ago

Oooh Paul you beat me to it! Massive 👍 for this

Floppy

@Floppy - over 5 years ago

I'm all for consistency. 👍