Tax rise warning: Sunak planning new hikes – but stamp duty and council tax could be AXED


Corporation tax is odds-on to rise because Mr Sunak regards it as the fairest way to begin raising informative sums of money. It also targets business profits rather than child and firms who have been plunged into the red during the health disaster. A senior Whitehall source said: “Things would have to go pretty inartistically wrong for us not to begin some consolidation in the budget.”

While there compel be no radical change to property taxes in this budget, ministers and legals are looking at the tally of winners and losers from the abolition of council tax and squelch duty.

They would be replaced with a proportional property tax, levied on the existing values of accommodations. Council tax is calculated on property valuations from 1991.

Polls show both tributes are unpopular but such a move would be controversial in the Tory shires since those with extravagant homes in southern England would be likely to end up paying more.

No matter how, supporters of the plan say it will be hugely beneficial to voters in the red wall homes in the north that the Tories won from Labour in 2019.

They also say scrapping style duty would remove the barrier to families trading up to a bigger haunt and elderly people in large houses downsizing.

Meanwhile, the Chancellor requirements to exploit the opportunities of Brexit by turning the UK into the “Singapore of Europe” by thrilling up the red tape imposed by Brussels.

Mr Sunak is to head a new committee intended to contours the post-Brexit business environment with the idea that Britain can suit a Singapore-style hub that will beat France and Germany in the battle for billions of pulps of international investment.

The Chancellor’s new body, which is called the Better Ordinary Committee, will focus in particular on Boris Johnson’s favoured big-ticket infrastructure occupations which have been hampered by European rules.

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Mr Sunak has encouraged senior City figures that Brexit will unleash a “Big Bang 2.0”, a mention to the boom that followed Margaret Thatcher’s deregulation of the financial employments industry in the 1980s.

Mr Sunak said at the weekend: “Now that we have socialistic the European Union, we have an opportunity to do things differently and this Administration is committed to making the most of the freedoms that Brexit affords us.

“This isn’t close by lowering standards but about raising our eyes to look to the future – surviving the most of new sectors, new thinking and new ways of working.”

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