Taxing the Toffs

In light of current disputes as to who warrants being ennobled, I am reminded of a suggestion I heard in 2008.

A progressive system should be based on taxation. Acceptance of a title such as a peerage might command a 10 per cent surcharge on the higher rate of tax.

Lesser honours might command a lower rate of tax.

Honours would remain accessible to all in society but only funded by those who passed a certain financial threshold.

This annual “toff tax” would be a lucrative way for the state (not the party) to collect revenue to fund the political infrastructure we demand but will not fund ourselves.

It will also allow those honoured to proclaim publicly their loyalty to the nation that honours them.

Extract from a letter on 17 May 2008 letters page of the FT sent in by James Brooke Turner, London SW2 3TA

Why it's best to ski with accountants...

Why is it best to ski with accountants?

Becuase there's safety in numbers.