"Only 7% of UK adults think that the basic rate of income tax is currently too low, with two in five saying it is too high (39%) and 37% saying it is currently around the right level. Similarly, only 5% think that employee National Insurance is currently too low, while two in five (39%) say it is too high and 36% think it is around the correct rate."
"The public are more split on raising the top rate of income tax, with a quarter (26%) saying it is too high, while a quarter believe it is too low (27%). A similar proportion (23%) think the rate is around the right level currently. When asked which tax rises they least wanted to see introduced at the Budget, the top answers were council tax (39%), followed by raising the basic rate of income tax (34%), raising VAT (33%), raising employee National Insurance (21%)."
"Speculation has also been growing that the chancellor may introduce Capital Gains Tax (CGT) on sales of primary residences over a certain threshold. With one in five (20%) people saying they would be personally affected by this policy change, the public is fairly divided: 28% of the public support it, while a third (32%) are opposed."
"Nearly two in five (37%) also oppose the chancellor reducing the level of tax relief on pension contributions, with a similar number saying they would be personally affected (41%). Only a quarter (26%) support the proposal."
Most UK adults consider the basic rate of income tax, employee National Insurance and VAT to be already too high or about right, with only small minorities viewing them as too low. Opinion is split on raising the top rate of income tax, with similar proportions saying it is too high, too low or about right. Council tax is the least wanted rise, followed by increases to the basic income tax rate and VAT. Proposed CGT on primary residences would affect about 20% of people and has mixed support (28% support, 32% oppose). Reducing pension tax relief is relatively unpopular (37% oppose) and would personally affect 41%, with only 26% in favour.
Read at London Business News | Londonlovesbusiness.com
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