ABSTRACT
In recent years there has been renewed discussion on the most equitable and efficient tax system. Central to this issue is the identification of the basis on which individuals can be most accurately assessed and levied on their ‘ability to pay’ taxes. Presently the taxation system in the United Kingdom recoups taxation under the three principle means of identifying ‘ability to pay’, viz. income (Income and Corporation Taxes), wealth (taxes on capital), and consumption (taxes on expenditure).
