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.
