As part of our continued research into the UK economy, we've been looking into tax and recently took to Twitter to share some of our findings. A link to the HMRC data can be found here and a larger version of our HMRC receipts breakdown pie chart here.

Tax principles are concepts by which a government is meant to be guided in designing and implementing an equitable taxation regime. Below we list our 7 principles of a good tax system:

• Simple

• Fair

• Transparent

• Progressive (take proportionately more from the rich)

• Predictable (consistent over time)

• Collectable (cost efficient)

• Incentivise productivity

Do you have a different view? Why not share your thoughts with us by sending a message on twitter to @Thorpesi.