Home / World News / UK treasury officials pushing for tax hikes to offset Covid impact: Report

UK treasury officials pushing for tax hikes to offset Covid impact: Report

Such hikes will enable the exchequer to raise at least 20 billion pounds ($26.70 billion) a year, and some could be introduced in the November budget, the Sunday Telegraph said

Britain's Chancellor of the Exchequer Rishi Sunak arrives at Downing Street as the government is expected to publish an emergency coronavirus powers Bill, in London, Thursday March 19, 2020 | AP/PTI

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Finance Minister Rishi Sunak is considering a proposal to boost corporation tax to 24% from 19%, a move that would raise 12 billion pounds next year, rising to 17 billion in 2023-24, the paper said.

Reuters

2 min read Last Updated : Aug 30 2020 | 2:34 PM IST

Treasury officials in Britain are pushing for tax hikes to plug holes blown in public finances by the coronavirus pandemic, two leading British newspapers said.

Such hikes will enable the exchequer to raise at least 20 billion pounds ($26.70 billion) a year, and some could be introduced in the November budget, the Sunday Telegraph said.

The Sunday Times newspaper said officials were drawing up plans for a 30-billion-pound "tax raid" on the wealthy, businesses, pensions and foreign aid.

In its budget, the government also plans to raise both capital gains tax and corporation tax, the Sunday Times added.

Finance Minister Rishi Sunak is considering

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