Before I come up with some ideas, I would like to state my true feelings on this subject. I would like to see the UK Parliament reduced to one MP per county and their job, and the job of the Civil service, restricted to the Foreign Office handling our overseas commitments including the Army. Perhaps a small tax to pay for this. I would like to see local government work restricted to roads and the police, perhaps another small tax to pay for this. Everything else I would like to see run locally by the people living in the area. That would help the economy by millions of reduced journeys every day.
However, I am a realist and know the return to Libertarianism is a non-starter so here are my thoughts on what I would like to see happen.
First of all I would like to see the same size criteria applied for Corporates, SME (small and medium size business) and SoHo and that is, Soho up to 20 employees. SMEs from 20 to 500 employees and Corporates over 500 employees. At present there are several organisations using different criteria for each of these sectors and we need to standardise.
Then I would like to see a merger tax on all corporates and also on SMEs if their merger results in them becoming a corporate body. This would be £1,000 for each employee reduction during the first five years up to 10% of the workforce. Then £5,000 for the next 10% and then £10,000 after that. (A reduction where 100 employees are shed, and 25 employees are hired would count as 75.) This would halt the spread of multi-nations and home corporates. I would like to see no NI contributions for SoHo companies for the first five years of business. Also, for the same period, I would like to see VAT registration as voluntary, and no corporation tax at all for the first ten years providing 50% of the net profits are ploughed back into the company for each of these ten years.
I would like corporation tax reduced for Soho companies for each year they record net growth after that.
The future for Britain is for new (and successful) SoHo companies, these are the ones who create jobs. I haven’t thought too much about SMEs at present so we can leave them alone!
I also think that leasehold property in the residential sector is very unsocial so I would like to make the following changes to long-term leasehold – this doesn’t apply to short-term leases of six months or a year. If you purchased leasehold property and, when you purchased it, the leasehold contract was initially for 99 years or above – no matter how long it had to run when you purchased it – then the property should revert to you for the cost of fees providing they are reasonable. Say £250 plus cost of stamp duty or registration fees at the Land Registry. Original leasehold residential property where the original lease was under 99 years, then a sliding scale between £1,000 and £10,000 could apply.
There, at a stroke I have improved the employment situation and expanded home ownership throughout the UK.
Tomorrow I will conquer the world!