Tax problems facing the Chancellor

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The tax problems facing the Chancellor The Sunday Times’ David Smith muses on the challenges facing the Chancellor as he wrestles with which taxes to increase and which Covid support measures to maintain beyond the March Budget. Smith says one move could be to improve investment relief alongside a plan to gradually raise the rate of corporation tax later. Rishi Sunak could also reform property taxes, which, taken together, are “messy and inefficient”. Finally, Mr Smith suggests freezing the personal allowance, bringing more people into the income tax net. Elsewhere, MP Andrew Griffith says in a piece for the Sunday Telegraph that Mr Sunak should avoid targeting reliefs enjoyed by entrepreneurs but should instead look to “tax the downstream harvest of growth” in the form of corporation tax hikes.

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