Tax planning should be simpler and fairer

Ashley Wassall

There is a much wider debate to be had about taxation and inequality, which will not be resolved overnight, by this election, or even in the near future thereafter. We’ll probably need to shift the way taxation is applied away from income to consumption or wealth, or otherwise ensure it is more progressively applied.

But one thing we could do right now is remove tax reliefs that are being utilised almost exclusively by already wealthy people who can afford advice to help them avoid paying their contribution. And we could start with non-doms.

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Why should someone be able to live here, or anywhere, without a fair contribution and paying tax on their owned assets and income?

In America, if you hold a passport you are taxed on worldwide income wherever you reside. I reckon you should be taxed on the lot in the place you primarily reside, no matter where else you are affiliated.

If all individuals and companies currently utilising fragmented global tax rules to hoard assets outside of struggling national fiscal ecosystems paid their share, we’d all be a lot better off.

The signs from Davos and beyond are that this is the way the wind is blowing. And I for one will be glad when tax planning becomes a much less taxing affair.