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In Touch

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In Touch: April 2008
Tuesday, 22 April 2008
1. There has been much controversy over the scrapping of the 10p income tax band replacing it with a rate of 20p. The change by itself would result in 1 in 5 tax payers being worse off - basically all those earning below £18000 per year without children. On a scale of 1 to 5 (1 being most effective, 3 being neutral, 5 being least effective) rate the following methods for effectiveness in targeting help at those adversely affected.

(a) Increase personal allowances so that people can earn more before paying tax
On a scale of 1 to 5:
12345
(b) Restore the system to what is was before April (i.e. rates of 10p and 22p)
On a scale of 1 to 5:
12345
(c) Simplify the tax credit system so that more people will use it.
On a scale of 1 to 5:
12345
(d) Stick with the 20p system and simply offer a tax rebate to ensure that people are no worse off than with the 10p/22p system.
On a scale of 1 to 5:
12345


2. Changes were also made to the system of capital gains tax with a sliding scale of tax (which decreases the longer assets are held for) being replaced by a fixed rate of tax. In a nutshell long term investors pay more tax with the new system, but short term investors are better off, especially if they pay income tax at the higher rate.  On a scale of 1 to 5 (1 being strongly agree, 3 being neutral, 5 being strongly disagree) rate your agreement with the following statements.

(a) It was good move as it simplifies the process of calculating tax.
On a scale of 1 to 5:
12345
(b) It will discourage people from making long-term investments which are needed for a healthy economy.
On a scale of 1 to 5:
12345
(c) It will encourage more small investors to buy stocks and shares.
On a scale of 1 to 5:
12345
(d) It will destabilise the housing market in the short term as investors off-load their ‘buy-to-lets’ to take advantage of lower capital gains.
On a scale of 1 to 5:
12345


3. Which response best describes your view of this year's Budget proposal to make drivers of higher polluting cars to pay significantly more vehicle tax:
A move in the right direction but not far enough
A move in the right direction but a bit harsh
Spot on
A move in the wrong direction - taxes should be reduced


4. The Bank of England has arranged a £50 billion rescue package to help banks and building societies through the credit crunch. Which of the following two statements are you more inclined to agree with?
Had to be done: without it the economy could tip into recession.
Is a potential waste of taxpayers money: banks got themselves into this mess and should go to their shareholders for the money.