The government is reportedly considering raising the inheritance and income tax as well as the special tax on the energy industry, according to the British media.
Additionally, according to a number of media outlets, Treasury Secretary Jeremy Hunt is preparing to halt the implementation of inheritance tax limits that were set to take effect until 2028. This is because, given inflation, doing otherwise would automatically push some families into higher tax brackets, which would result in higher tax receipts.
The Financial Times noted the increase and expansion of the exceptional tax On the profits in the energy sector, which is determined by 25% until the year 2025 while allowing almost complete exemption, and stated that raising the inheritance tax may be added to exceeding other tax thresholds, on income, pensions, or capital gains, which leads to the introduction of billions of pounds into the government treasury, without the need for initial advertisements for tax increases.
On November 17, when Hunt is expected to present the government’s budget, a spokesman for the British government said that “difficult decisions” would be made “to restore the credibility of the budget.”
For its part, the daily “The Times” reported that painful budget discounts are expected to be made, but Hunt and the new Prime Minister Rishi Sonak will be ready to increase pensions and allocations in line with inflation.
According to a study by the firm “Price Waterhouse Coopers,” this year’s revenue growth for the top executives of major British corporations was twice as rapid as inflation, which drew criticism during the high cost of living crisis.
Luke Hiltderd, director of the Hi Bay Center Intellectual Foundation, said in a statement to “Agence France Presse” that these funds could be distributed more fairly in light of the United Kingdom’s inflation rate of more than 10%.
” Andrew Pedge, a specialist in compensation for executives at BWC, stressed that the rise in income has mainly strengthened the increase in rewards after “reopening companies and returning demand after the pandemic. ”
“France Press” is the source.
The inheritance, income, and energy taxes could increase in London.
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