Petition Replace Income Tax With Financial transaction levy

Here is a credible idea:

We could abolish income tax and introduce a levy of £1 on every single financial transaction that takes place within the UK. This levy would apply on ALL transactions, from shopping to direct debits, would be very easily enforceable, income tax evasion would be zero, no waiting for self assessments, people would have much more money in their pockets to spend, thereby spending more. Revenue could reach the treasury much faster also.

The potential for the revenue from the levy could be so great that even VAT and fuel duty could be abolished also (maybe a slight exaggeration) This is a win win for everyone.