Budget giveaway predicted

Posted on 29 Jul 2021
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 Tax giveaway will benefit millions
The Sunday Times reports that George Osborne will use the Budget to launch an income tax giveaway for 27m voters. The coalition is said to be finalising a deal that would raise the level at which people start paying income tax towards £11,000 a year from April, in a bid to win over workers on modest incomes. The chancellor is also expected to announce the closure of loopholes used to minimise corporation tax bills. The diverted profits tax will hit companies with a penal tax rate if they are judged to have moved cash overseas to bypass HMRC. Tax will be levied at 25%, compared with the standard 20% corporation tax rate. The chancellor is also expected to force multinationals to disclose revenue and profit figures on a country-by-country basis say Harris & Co accountants Northampton

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