The Budget is fast approaching and along with it comes the quickening pulse of some taxpayers as they face the prospect of anticipated tax hikes. Whilst the anticipation may be building at the rate the Chancellor is going there won’t be many taxes left to actually raise. As the days go by more and more options like a potential wealth tax and restrictions to tax relief on pension contributions are either being categorically ruled out or are now reportedly off the table.
If the Chancellor cannot raise the desired tax receipts from wealthier taxpayers alone and will not raise it directly in higher tax rates for workers there are few options left to carry the burden of the Budget deficit. NICs may hold the key to unlocking the finances Ms Reeves is looking for. There are a number of options that she could look at:
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The Budget is fast approaching and along with it comes the quickening pulse of some taxpayers as they face the prospect of anticipated tax hikes. Whilst the anticipation may be building at the rate the Chancellor is going there won’t be many taxes left to actually raise. As the days go by more and more options like a potential wealth tax and restrictions to tax relief on pension contributions are either being categorically ruled out or are now reportedly off the table.
If the Chancellor cannot raise the desired tax receipts from wealthier taxpayers alone and will not raise it directly in higher tax rates for workers there are few options left to carry the burden of the Budget deficit. NICs may hold the key to unlocking the finances Ms Reeves is looking for. There are a number of options that she could look at:
Increase...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
