government creeping towards abolishing notional insurance

tech87 nino byebye tyme ???


Chatter on the web – we quote………..
“A full merger could take up to five years..” what!?!?!?!

Are civil servants and lawyers running this projectile? Erm….



My © 2011 MS draft spec is as follows:-

Project Description

Bin NIC


Target date

5/4/12

Method

§ Stick it in the next finance bill – “NIC is abolished”

§ Send email to all DSS/HMRC/the world




Other matters to resolve before the date of abolition

1. are there any other taxes/benefits that link to nic?

2. how much tax does nic bring in each year?

3. where can we touch up the tax-payers to replace this?

4. presentation issues:- we need to avoid increasing headline numbers as the plebs/daily mail will all scream/whine

5. solution is introduce a “state services tax” for all companies/self-empl to pay at rate of 12% on top of the standard rates, but listed sep. so we can pretend it is not part of main rate, but otherwise it runs on identical rules to main rate

6. And the other side we just up the quoted rates of 20/40/50 by 12% hopefully rounding them to 30/42/52 etc.

7. what about all the mickey mouse other nino rates? –bin them. Fishermen/funny types of pension schemes/married/unmarried women etc., just all those rates scrapped, brutal but it’s done.



It’s simples – if you keep the civil servants /lawyers out the design stage.

Or you can do it their way….
http://www.hm-treasury.gov.uk/speech_xst_110611.htm zzzzzzz…..

Join the debate here
http://www.accountingweb.co.uk/topic/tax/how-should-nic-income-tax-merger-work/513042



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