Do You Think the UK Tax System is Fair?

As politicians debate our tax system in the run up to a General Election, we asked the public whether they considered the current UK tax system to be fair

Emma Wall 9 March, 2015 | 12:42PM
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This article is part of Morningstar’s Guide to Financial Planning, your handbook for making the most of your tax-free investing opportunities, reducing your annual – and lifetime – tax bill while keeping HMRC onside.

 

 

 

Do you think the current tax system is fair? Tax has been top of the new agenda in recent weeks – used as a bargaining chip in the upcoming General Election, and as a battering ram in the HSBC tax evasion revelations.

Tax will always be a contentious subject. Giving up your hard-earned cash to a complex and often opaque system makes taxpayers question where their money goes and how beneficial it is to the greater good. Taxpayers are universally keen to know that they all bear a similar burden – although how this is interpreted by individuals is vastly different. Some believe that the threshold for higher income tax is too low at £41,865 – while others believe that earners in that tax bracket and above do not contribute enough to the public purse.

As part of Morningstar’s Guide to Financial Planning, and with an eye to the upcoming General Election in May, we took to the streets of London to find out what the public thinks of the current tax system.

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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About Author

Emma Wall  is former Senior International Editor for Morningstar