The impact of the 1981 Budget

Nick Morris

Fiscal Studies, 1981, vol. 2, issue 2, 47-49

Abstract: After the 1979 budget, in which the Chancellor reduced income tax but increased VAT to 15 per cent, we presented (Kay and Morris (1979)) a simple framework to describe the UK tax system. This shows that, for the majority of taxpayers, the whole tax system which comprises income tax, National Insurance contributions, VAT, specific duties and rates can be approxiamtely described by a tax credit and a marginal rate. It is as if tax is levied by the government at a single rate, and then taxpayers receive a tax credit equal to the value of personal allowances, zero rating on VAT, etc. to offset this, This is not in fact how the tax system works, but it provides a simple way of describing it.

Date: 1981
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ifs:fistud:v:2:y:1981:i:2:p:47-49

Ordering information: This journal article can be ordered from
The Institute for Fiscal Studies 7 Ridgmount Street LONDON WC1E 7AE

Access Statistics for this article

More articles in Fiscal Studies from Institute for Fiscal Studies The Institute for Fiscal Studies 7 Ridgmount Street LONDON WC1E 7AE. Contact information at EDIRC.
Bibliographic data for series maintained by Emma Hyman ().