Barry Smith, 76 from Preston, has set up to gain support for his easy solution to simplify the taxation system. Barry knows the technology is in place to already to transfer a percentage of every UK transaction directly to the treasury and therefore, make evasion impossible and “scrap the need for council, car or even income tax.”

The former mechanics and electronic engineer has submitted an e-petition on the idea, requesting the government commissions a feasibility study into the implementation of such a system.

In 2021/22, UK government raised over £915 billion a year in receipts – income from taxes and other sources. This is equivalent to around 39% of the size of the UK economy, as measured by GDP, which is the highest level since the 1980s.

Mr Smith said: “The economy is not fit for purpose. But my idea – to provide a steady cash flow to the treasury – would enable to set budgets to cover all government spending.

“There wouldn’t be any exceptions. Whether people buy an ice cream or a mansion, every transaction from retail sales, construction, utilities – you name it. They would contribute by effectively taxing the same money over and over again.”

Mr Smith claims his system would be implemented at midnight on April 4, producing an instant cash flow into the economy.

Tax liabilities from previous years would be honoured and proceeds used to reduce any national debt, which he claims would save millions on interest payments.

Mr Smith added: “This project was first started over 40 years ago towards the end of the Thatcher government. I had an article published in the Financial Times regarding the North South divide which at the time caused quite a stir in parliament.

“Many claim this system is too simple to be adopted but I intend to change that sort of thinking.

“The implications are far more out reaching than appear at first glance and the system would be so simple. No paperwork, no accounting software, no costly tax evasion prosecutions, and no need for offshore accounts.”