Scrap the modern-day beard tax

Corporation tax makes it too easy for big banks to wriggle out of paying their fair share, says author David Craig. The good news is we already have the answer.

Recent revelations about the amount of money our big banks make, and how little tax they pay, have many ordinary taxpayers fuming in impotent rage. But nobody has questioned whether corporation tax is still the best way to make companies pay their share of national income.

Any tax has a limited useful life for a time it will raise revenue. But most taxes outlive their usefulness because people change their behaviour in order to avoid them. In Britain, we've had many taxes that have come and gone.

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