Goodbye National Insurance – Hello Earnings Tax
According to a report in The Daily Telegraph National Insurance could be renamed earnings tax.
Ben Gummer MP, a Tory backbencher who has been campaigning on tax transparency, will propose the change in a Commons Bill on Tuesday. The proposed change, which apparently has Treasury backing, would be the first step towards merging income tax with National Insurance.
Mr Gummer is reported to have said, “I am very pleased the government is interested in the idea. They have been very receptive to trying to make the tax system more transparent.
This would be a really good step forward in making what the government takes from taxpayers clearer and simpler.”
Mr Gummer said he hoped the name change would begin the process of merging National Insurance with Income Tax into one single charge. He said: “The most important part is changing the name so in the public mind we can begin the two as the same, which they are. This is a first step.”
Read the full story from The Daily Telegraph.