UK ‘facing £20,000,000,000 tax hike’ to pay for Pandemic.

The government could raise taxes by up to £20 billion in the next budget, it is claimed. 

Minister are looking raising capital gains tax and corporation tax, as well as slashing pension tax relief, according to reports.

The Sunday Times said money could be clawed back from pensions, businesses, the wealthy, and foreign aid.

 It comes after the government spent billions to support workers, businesses and the NHS, for example with the furlough scheme and ‘Eat Out to Help out’.

Chancellor Rishi Sunak is considering hiking corporation tax from 19% to 24% in order to boost revenue by £12 billion next year, the report indicated.

Capital gains tax might also be paid at the same rate as income tax, under the ideas being looked at.

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Jason Gavin

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