Strategies for Raising Tax Revenue and Reforming Taxation Policies

If traditional taxes like income tax, national insurance, and corporation tax are off the table, increasing VAT could be an option. Additionally, freezing allowances and thresholds in income tax can lead to substantial revenue. Another potential strategy involves revisiting pension tax relief by limiting income tax relief on contributions and reducing tax-free lump sums on withdrawal, addressing the current anomaly where pensions can be inherited tax-free. Stamp duty on housing is criticized for hindering market activity, with suggestions to abolish it and replace it with a fairer council tax system to increase tax revenue from expensive properties. Emulating the US model, where council tax is considerably higher for expensive properties, could rebalance the tax system and ensure fairness.