Hike Corporation Tax to boost Government coffers: loveMONEY poll

Most of you would like to see the Government hike Corporation Tax in order to tackle it’s mounting debt woes.

The Government should look no further than big businesses if they want to find a solution to its mounting debt crisis.

That’s according to a poll of more than 650 loveMONEY readers we conducted last week.

We put the poll in an article highlighting how much money the Government could raise by tinkering with various taxes, which was based on HMRC calculations.

We then asked which of the hikes mentioned by HMRC you would be most likely to support if you had to choose one. You can see the full results below.

Corporation Tax was the most popular shout with 29% of the vote, followed by National Insurance (26%) and Income Tax (23%).

You can boost your own income with a high-interest current account – take a look at some top deals with loveMONEY

Context is important

Now, one of the limitations of these polls is that there’s no room for explaining why someone would support a certain hike (if you did vote, please do share your reasons in the comments section below).

If we were cynical, we could argue the reason that Corporation Target was simply an example of nimbyism, or voting for the one that was least likely to hit our pockets directly (although an increase in this tax would likely see the costs passed on to consumers anyway).

The less cynical view is that this is an area in chronic need of revisiting, with various multinational firms earning billions in the UK yet somehow only paying a pittance in tax, and the people want to finally see something done about it.

Boost your income with a high-interest current account

Public happy to pay its part

What is interesting about the results is that both NI and Income Tax weren't too far behind Corporation Tax.

Given the majority of our readers are still in work but older (and thus likely to have a heavier tax bill), this suggests you are not nimbys, but rather willing to pay more to tighten up our nation’s finances.

Either that or you simply think they’re the only ones that are (a) likely to happen and (b) will make any real difference to the Government's rampant debt addiction. Let us know!