Tories announce plans to allow Her Majesty’s Revenue and Customs Inspectors to read all your personal bank account statements.

PAYE to go

George Osborne’s latest ill thought out wheeze is to do away with PAYE and tax all money as it goes into your bank.

They claim this will remove the burden of calculating the Tax and National Insurance deductions and, therefore, red tape, from business.

In reality it will put a bigger burden upon the State as more inspectors are employed to comb through everyone’s bank accounts and then ask where every penny comes from.

Naturally the black economy where everything is paid in cash will boom.

At least it will help the Banks meet their target of phasing out cheques as no one will accept one, even for a loan repayment, in case it gets taxed.

Centralising Conservatives will now create a snooper’s charter that allows the State to know even more about how you live your life.  http://www.telegraph.co.uk/news/election-2010/7273132/Tories-plan-biggest-shake-up-of-income-tax-system-since-Second-World-War.html

   Leave a comment