No change in personal tax slabs in UK, other than for the wealthy

According to a report from the Sunday Times, British Prime Minister Boris Johnson and Finance Minister Rishi Sunak are likely to trim personal taxes rates before the next election.

Sunak has the challenging task of telling voters and lawmakers on how the government will raise funds in order to pay for the coronavirus bailouts.

“The finance minister will outline an “arc” on taxation in November’s budget, under which the wealthy will pay heavier taxes, with cuts to follow in 2023 or 2024,” said the report.

While Sunak does not currently have a plan to introduce changes in inheritance tax, Johnson is not prepared to sanction a rise in income tax, national insurance or value-added tax slabs.

Last week, media reports have stated, the finance ministry was looking at introducing sweeping tax measures, reports which Sunak said, were speculation.

Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

Tags: , , , , , , , , , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: