Business taxes to be reviewed

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PM vows to overhaul business taxes Boris Johnson has pledged an overhaul of business taxes in a bid to drive Britain's post-coronavirus recovery. The Prime Minister said the Government would be looking at taxation and regulation in a bid to encourage and support businesses. During an online Q&A, Mr Johnson said Chancellor Rishi Sunak is looking at the fiscal and regulatory environment required “to make sure that this is the best place in the world to start a business, the best place to invest.” The Telegraph’s Harry Yorke says the PM’s comments could “set him on a collision course with fiscal hawks in the Treasury”, with the Chancellor considering ways to cover the nation’s coronavirus costs. The paper says that while Mr Sunak is studying proposals that suggest bringing capital gains in line with income tax and mulling a cut in pensions tax relief for higher earners, he is understood to be sympathetic to calls for cuts to business rates. The FT notes that the Chancellor hinted in his spending review that tax rises may be imminent, with the outlook for public finances “clearly unsustainable”.

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