A fairer way to tax fuel?
The latest figure I have of £1.30 a litre apparently works out at:
£0.50 for the liquid that goes inside your car’s fuel tank
£0.80 in taxes on the fuel to the beancounters in the Treasury.
1) Abolish fuel duty on the fuel
2) Abolish V.A.T on the fuel & the fuel duty tax
3) Replace the 2 with a more transparent single tax, and call it “Fuel Sales Tax” (or F.S.T for short) – basically the same idea as V.A.T but with a different name & set at a rate specially for fuel – say 25 to 65% – depending on what the beancounters working out the figures deem necessary.
For starters whenever people complain on forums & blogs about the price of fuel they claim anything from 60 – 80% of the price of fuel is the tax on the damn stuff, and my idea would at least provide a definitive answer.
Other recent articles elsewhere on fuel prices:
Small businesses call for George Osborne to honour pledge on fair fuel prices (ConHome)
Understanding the price stabilising fuel duty (ConHome)
£1.30 a litre – more than 80p for the government (John Redwood)
Greedy Left-wing Union morons plan fuel strikes (Daily Mail)
Petrol stations beef-up security in fear higher fuel prices mean higher numbers of fuel thefts (Daily Mail)
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