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Personal Tax And Estate Planning - Report Example

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This paper "Personal Tax And Estate Planning" discusses the UK tax system that has recently become overly complicated. The plethora of exemptions and relief, the overly complicated structure, when compared to other European countries who are more defined and refined…
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Personal Tax And Estate Planning
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Download file to see previous pages On income, yet, many are of the opinion that their tax system is too complicated for understanding, bringing out supporting evidence and some even saying from the outlook of the people comparing the U.K. with other European countries and making their own standing.

Before now, the scheduler system was and was used for ages though abolished, if asked, it will definitely be for the development of the country putting in mind factors like, people are the force of the economy, so taxes imposed must be fair and reasonable which will not be too demanding on the people. The abolishing of the scheduler system has definitely brought difficulties and confusion since it was based on a “Category of treatment” but now it is different. Another development worthy to note is the tax relief available to pension scheme members under the new pension scheme which has caused confusion due to the complex and vivid nature of the scheme when compared to the income tax making system.

The loss incurred by the U.K government is immeasurable considering the fact that, the government has a policy of simply exemption certain categories of persons or firms from paying of tax and the relief tax fund paid to those in need. It is a thing of concern because the economy is definitely being affected people becoming lazy and life is becoming rather uninterested. The nature of man has always been that of struggle, in fact, human beings are like rubber bands they need to be stretched to be effective. Now, what becomes of an economy which its citizens to the smallest provocation rally around tax relief and exemption student all around are presentably receiving tax relief and suit people exemptions and so on? Even small burning organizations receive tax relief funds and if compared to their income tax rate at the end of the ray the government is loosing paying too much and giving too much. Critically looking at this development it is easy to say the U.K tax system is rather complicated when some people are paying too less and some paying too much and some receiving tax relief and yet paying too low. ...Download file to see next pages Read More
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