Don’t dismiss unsexy, technical but beneficial ideas
“Headroom” has become a surefire winner in games of Budget Bingo – the word is always going to be uttered by the chancellor of the day.
These are rare, because a lot of low-hanging fruit has already been gobbled up, and they are not exciting – superficially, at least – because the glam, showy stuff has already attracted attention. Even better, this policy lowers an obstacle to both earnings and tax revenues. The old £50k threshold and the rapid taper produced a sky-high effective marginal tax rate. Tax Policy Associates calculated this at a staggering 71 per cent – a parent earning £49,999 lost 71p for every £1 of any extra income they received.
The second such measure is the reduction in Capital Gains Tax for residential property from 28 per cent to 24 per cent.This is the product of a rare consensus between the Treasury and the OBR that this tax cut will generate more revenue. As the Chancellor joked, “Perhaps for the first time in history both…have discovered their inner Laffer Curve.”
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