General Insurance Article - Target tax avoidance to increase revenues say consumers

 Increasing penalties for tax avoidance by business (52%) and increasing the amount of tax those who earn £150,000 or more pay (50%) were the most popular moves. They were also in favour of stiffer penalties for individuals who avoided tax (39%) while others felt that non-means tested benefits [e.g. free bus pass] should be reviewed so they are only available to those who need them (10%).

 A minority suggested increasing capital gains tax (7%) and lowering the inheritance tax threshold (7%) to increase Government revenue. Only 3% felt that reducing tax relief on pensions was the right option.

 Mark Stopard, Head of Product Development at Partnership, said:
 “Tomorrow, the Government is in the unenviable position of needing to cut spending and raise revenues in order to balance the books. When asked, consumers clearly felt that those people and corporations who avoided tax should be penalised while at the same time, higher earners should shoulder a larger tax burden. These moves are unlikely to impact most people on a day to day basis so you can see the appeal, but we will need to wait until tomorrow to see exactly what the new Budget brings.”