Political sleaze targeted by new tax relief
A new form of tax relief plus giving is being urged by the left-leaning Institute for Public Policy Research in a bid to rid the accounts of British political parties of the taint of sleaze.
A new form of tax relief plus giving is being urged by the left-leaning Institute for Public Policy Research in a bid to rid the accounts of British political parties of the taint of sleaze.
Link: Tax relief for semi-political bodies
The think tank said ‘clean money’ was needed to restore the public’s faith in politics.
The IPPR ended a six month research project with a report, which also called for a reducing cap on General Election spending, recommending that it be brought down to £2m and kept under review by the Electoral Commission.
The report called for a form of state funding it claimed would be in proportion to political activity. This would give a supplement to political parties, which would have to be heavily tapered to encourage small donations.
IPPR researcher Matt Cain said: ‘The parties already get money for policy development and aid in kind through party political broadcasts, freepost at election times and the free hire of public buildings.
‘State funding should be extended through a system of “Tax Relief Plus”. This would act as an incentive to encourage parties to recruit and retain members and small donors.
‘For example, maximum donation of £50 might attract £50 from the state while a £100 donation might gain a £80 top-up. This would reward small donations.’
There would also be a £5,000 cap on individual donations and tax rules would prevent ‘bundling’ – relatives and friends of a rich donor getting together to each give up to the limit, he said.
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article