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  • Essay / Taxation in the United Kingdom - 2956

    “Then he said to them, Render therefore to Caesar the things that are Caesar’s; and to God the things which belong to God. »1IntroductionIn an increasingly globalized world, governments control ever larger proportions of our economy. Increased longevity means a greater need to increase taxation for the majority. This essay seeks to analyze current taxation and offers, and perhaps, where appropriate, an overview of mediocre utilitarian2 views, the deontological3 approach of a thinking man and the virtuous approach; as well as tax evasion and evasion.We also deal with unnatural people who deal in property.Stamp DutyAt present, borrowers who purchase a house below £125,000 are exempt from the duty stamp. At this time the Stamp Duty tax is: • 1% between £125,000.01 - £250,000; • 3% between £250,000.01 - £500,000; • 4% between £500,000.01 - £1,000,000; • 5% between £1,000,000.01 - £2,000,000 • 7% for £2,000,000.01+The above illustrates the stupidity of this tax structure. It is not uncommon in London for someone to buy a house for £1,000,000. They would pay £40,000, while someone else buying a house for £1,000,000.01 would pay £50,000. Obviously a house will never be valued at that price, but it certainly serves to prove a point. Stamp duty is among the most unpopular property tax taxes and is widely considered to be the most unfair and arbitrary tax. A group of Conservative Party backbenchers called the Free Enterprise Group are calling for stamp duty to be scrapped on properties valued at less than £500,000. The HomeOwners Alliance suggests the following 8 reforms:4:1 Matthew 22:21, King James Version2 Definition of Utilitarianism – the doctrine that actions are right if they are useful, or, for benefit2 Utilita...... middle of the document ......From Notches and Stimulus in the UK (June 2013) BEST and KLEVENII. Draft Finance Law 2014III. Finance Law 2004IV. http://www.jrf.org.uk/publications/council-tax-impactsV. http://www.hmrc.gov.uk/rates/it.htmVI. http://www.out-law.com/articles/2013/december/capital-gains-tax-to-be-payable-by-non-resident-property-owners-confirms-chancellor-/VII. http://www.mortgagestrategy.co.uk/news-and-features/sectors/regulation/budget-2014-companies-face-15-stamp-duty-levy-for-properties-worth-over-500k/2008123. Article VIII. http://www.hmrc.gov.uk/rates/it.htmIX. http://www.money savingexpert.com/mortgages/stamp-dutyX. http://www.ippr.org/publications/property-and-wealth-taxes-in-the-uk-the-context-for-reformXI. http://www. jr f. org. uk / sites / files / jrf/ property - taxation - re fo rm - full . pdf