The media learned about the plans for a record tax hike in the UK
The government is discussing raising taxes on the sale of real estate and assets, according to The Sunday Telegraph. According to The Sunday Time, the Treasury is also considering increasing corporate taxes
The UK Treasury is considering the largest tax increase in decades, the newspaper writes The sunday tel egraph citing government sources. This should compensate for the budget losses due to the pandemic and the contraction of the economy.
The government is discussing an option to increase the base tax rate on the sale of assets from 10 to 20% and from 18 to 20% on the sale of a second apartment or house, reported interlocutors of the newspaper.
In addition, for those citizens who pay taxes at an increased rate, the amount of the levy can be raised to 40% (from the current 28% for the sale of real estate and 20% for the sale of assets). In addition, the department is discussing the reduction of pension benefits, the introduction of a tax on electronic sales and an increase in fuel surcharges, the newspaper reports.
The Sunday Times, in turn, reports that the Ministry of Finance is considering an increase from 19 to 24% of the tax on corporate profits, which could provide additional budget revenue of £ 12 billion ($ 16 billion) next year and £ 17 billion ($ 22.7 billion) in 2023-2024.
The Sunday Telegraph writes that reports of a possible tax hike have provoked strong opposition from business and economists. The head of the British Chamber of Commerce, Adam Marshall, noted that raising the tax burden on businesses before they recover from the pandemic could create problems for the overall recovery of the UK economy and slow down investment.