35bn tax deficit

[Phil xxkr]

19 minutes ago, Linas.P said:

That is only the cash paid from family Trust, excluding the controlling share in the real estate business and excluding bail-out of his failed ventures. 

Not so! 

[ALAW]

On 2/4/2022 at 8:48 AM, Phil xxkr said:

 

 

"The UK Government could find itself with a £35bn financial hole if it doesn’t introduce an alternative motoring tax before 2030, according to a new transport committee report.

MPs have argued that by banning the sale of new petrol and diesel vehicles from 2030, the Treasury could lose two sources of income, fuel duty and vehicle excise duty, as they are not levied on electric vehicles (EV).

“The resulting loss of two major sources of motor taxation will leave a £35bn black hole in finances unless the government acts now – that’s four per cent of the entire tax-take,” said Huw Merriman, MP for Bexhill and Battle and transport committee’s chair.

“Only £7bn of this goes back to the roads; schools and hospitals could be impacted if motorists don’t continue to pay.”  

There is of course a precedent for this, that of tobacco and smoking. As the number of consumers decline dramatically tax per packet is ramped up in an attempt to make up the difference. But its not enough and the delicious irony is it is made up from non-smokers.. I see a similar situation here where rabid anti ICE voices have to cover the shortfall in taxation 🍻 lovely jubbly. 

 

Yes Phil ive thought about this a few years ago. I reckon the Government whoever they are will inevieatbly have to introduce road pricing to cover the loss you mention. Over the years ive read from various contributers journalists etc the tax take the exchequer makes from the UK motorist in some years they reckon its been as high as 57 billion quid. The lack of fuel duty has to be found somewhere and i think it will come from road pricing. Now the million dollar question what should they set the levy at to recoup the lost revenue. I ask many motorists this and im always suprised at their responses they vary so much. Youve started a good thread here very interesting replies. Well done everyone for their contributions.

[Phil xxkr]

On 2/4/2022 at 10:20 AM, Malc said:

for MPs and anyone else to be at all surprised at the suggested drop off in Tax Revenue is a bit ludicrous .....  ah, no, these are actually MPs so nothings beyond " surprise " methinks ..............

SO then, EVs will sure find themselves in some sort of SuperTax bracket sometime soon I've no doubt .. just wondering how 

Suggestions please everyone 

Rishi might be pleased to hear from us at some time

Malc

I didn't know until last night that MP's can claim, tax free, up to £3,500 for energy costs to cover their second homes 😱. So why would they have the same concerns as the rest of us? And the same for vehicles, as the most work in London they have no need for a vehicle as allowances cover most, public, private costs in support of their role.