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Alternatives to taxation?
04 September 2018
A new report published today by AAT recommends a number of ways of saving billions of pounds, rather than simply increasing taxation and borrowing.
Some of the recommended measures include:
• Raising the qualifying age for free eye tests and prescriptions from 60 to the state pension age.
• Simplifying inheritance tax.
• Switching stamp duty liability from the buyer to the seller.
• Removing higher rate tax relief for pension contributors.
• Scrapping the Christmas bonus.
• Scrapping the marriage allowance.
Phillip Hall, AAT Head of Public Affairs and Public Policy, said that while these measures would not clear the deficit, they do identify over £27bn of annual savings. He added; “Rather than knee-jerk responses, we need policy makers who will look at what’s effective and what isn’t, what’s fair and what’s not and where investment is really needed rather than where it’s politically expedient to save taxpayers money.”
The report follows a commitment from the Prime Minister to raise a further £20bn of annual investment for the NHS, as well as many other Government departments seeking greater investment in their areas.
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