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Work

November 23rd, 2011

Work taxes cover income tax and national insurance – both currently generate around 40% of all tax.

  • National insurance is a contribution paid from income to maintain benefits such as the state pension. Those earning £146-£817 per week are charged 12% and over £817, 14%. Raise it for all by 1%.

    Pros & Cons

    PRO Increasing national insurance will generate an additional £9bn per year to tackle the deficit and spend on public services.

    CON There is not much difference in the percentage paid between low and high earners. Increasing it reduces the amount that everyone earns.

  • Owner-employee contracts enable workers to exchange some of their employment rights for rights of ownership in their companies.

    Pros & Cons

    PRO Promotes an ownership culture as employees feel a part of the business and have a vested interest in its success.

    CON Owner-employee contracts will weaken the legal protection currently provided to UK workers.

  • You can earn up to £8,105 before paying any income tax, you then pay 20% when you earn up to £35,000. Increase tax allowance to £9,205 and reduce the basic rate limit to £32,245.

    Pros & Cons

    PRO 840,000 more people will not pay income tax. This improves the incentives to work amongst low earning tax payers.

    CON This option only gives a relatively small amount to individuals each year and does not offer any new help to those on very low incomes.

  • Increase the top rate of income tax from 45% to 50% on all earnings above £150,000, affecting around 330,000 tax payers.

    Pros & Cons

    PRO Increasing the top rate places the biggest tax burden on those who earn the most.

    CON May affect competitiveness of the UK, discourage entrepreneurship and reduce growth which may cancel out any increases in public revenue.

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