The Chancellor's options for raising taxes

Over the summer we’re bringing you a series of briefings on the key challenges and policy options facing the new set of government ministers. Today we’re turning to the tax system and we’ll answer the questions that the Chancellor has almost certainly been asking Treasury officials in recent weeks: how could more tax revenue be raised and how could tax reform boost growth.

Rachel Reeves has ruled out tax rises on 'working people', saying that there will be no increase of income tax, VAT, National Insurance or Corporation Tax. What areas of tax does this leave to fill the shortfall in the public finances? Which taxes could be reformed to boost growth?

To tackle those questions, Paul is joined by Dan Neidle a tax lawyer and founder of Tax Policy Associates and Helen Miller, Deputy Director at the IFS.

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00:00 Introduction
00:01:00 The Chancellor's Dilemma: Increasing Taxes
00:03:00 Tax Rises Already in Place
00:04:30 Frozen Personal Allowances and Fuel Duty
00:06:00 Challenges of Raising Taxes on Working People
00:08:00 Income Tax or National Insurance: The Big Decisions
00:09:30 Pensions Reform as a Solution
00:12:00 National Insurance on Pensions
00:13:00 Debating Radical Pension Reforms
00:17:52 Capital Gains Tax: Is it Worth Reforming?
00:19:00 Complexities of Changing Capital Gains Tax
00:22:00 How to Fix Capital Gains Tax
00:24:00 Loopholes in Inheritance Tax and Stamp Duty
00:27:00 Wealth Tax: A Flawed Solution?
00:30:00 One-Off Wealth Tax as an Option
00:32:00 Council Tax and Stamp Duty: Major Problems
00:36:00 Why UK Taxes are Lower than Other Countries
00:38:00 Final Thoughts on Raising Revenue
00:41:00 Conclusion and Final Remarks