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UK plans record increase in taxes due to pandemic

The UK Ministry of Finance is developing plans for the largest tax increase to compensate for budget losses due to quarantine.

UK plans record increase in taxes due to pandemic

According to The Sunday Telegraph, officials are discussing the possibility of raising the tax rate on the sale of assets from 10% to 20%, and the tax on the sale of a second home from 18% to 20%.

For wealthier citizens who pay taxes at an increased rate, the fee can increase from 28% and 20% to 40%. Thanks to this, the head of the Ministry of Finance, Rishi Sunak, intends to raise up to 25 billion pounds every year.

London also plans to increase the company's profit tax from 19% to 24% in order to raise £ 12 billion to the budget in 2021 and £ 17 billion in 2023-2024.

These initiatives have attracted criticism from businesses that had suffered significant losses during the COVID-19 pandemic, and many companies have been threatened with closure.


Photo: from open sources

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