Currently, our taxation system does not reflect the fact that a family is generally a single economic unit. The taxation system does not recognise that the income of a family unity is shared amongst the entire household.
Income sharing is therefore a way we can attach equal value to the role each parent plays in building a family where there is a significant income disparity between partners.
Income sharing will give couples with children greater flexibility in deciding whether they want to stay at home with young children more frequently or work fewer of more flexible hours.
Couples who are self-employed in farming or business and retired couples are already able to split their income for tax purposes but this is not available for those on PAYE incomes.
The Government already subsidises childcare for those returning to paid work, it should also acknowledge the contribution of those who have decided to forgo their income in order to invest in raising their families.