Lower the income tax rate and remove all existing tax loopholes for large corporations

loopholes will always exist, further restrictions will just drive large corporations away, Reducing jobs in the country, and skilled workers will follow the jobs.

Decreases entrepreneurship and large corporations are likely to be the biggest contributors to society

The speed at which government moves is insufficient to remove all loopholes within one Parliament and there are too many donors and interested parties for any serious government to attempt it

People are still struggling just because they have a job doesn’t mean they are doing good and people overuse the tax money by being on benifits when workers deserve to keep their money

If you allow some loopholes. Larger corporations will want to settle in the UK. Thus creating jobs for the people. Creating a more complex labour market with more opportunities and driving the UK stock markets upwards rather than sideways as it has for the past decade. The individual can than finally prosper when they invest in the stock market.

It would kill the insentive for business owners to start a company and the country is run on businesses

These actions alone would seriously hurt the economy. They are both positive action however without also decreasing corporate tax as well, corporations (who make up a the largest percentage of a our economy via corporate tax and VAT) would struggle to find incentive to remain within the UK economy.

By lowering income Tax and Corporate Tax then the need to eradicate any loopholes that currently reside in the system is gone, as corporations will no longer have the need to use these loopholes and begin declaring taxes more effectively as the rates are competitive on a global scale.

Current system:
Corporation revenue: 3.5B
Tax rate: 25%
Declared taxable revenue within the UK: 400m
Return: 100m

Suggested System:
Corporation revenue: 3.5B
Tax Rate: 10%
Declared Taxable revenue within the UK: 2B
Return: 300m

Lower Tax rate, higher return.