Tax raid for older workers

 Hammond considers "age tax" raid for older workers

Philip Hammond is said to be planning a Budget raid on older workers to pay for tax breaks for younger people. According to the Telegraph, the chancellor is examining ways to link tax to age in order to promote “intergenerational fairness” in next month’s Budget. It could see tax breaks being offered to workers in their 20s and 30s, which would be paid for by cutting reliefs for older and better off workers. A fresh drive against tax-dodging by major companies is also expected to be announced. Meanwhile, the CBI is urging Mr Hammond to spend money on infrastructure and training to help the UK "grow our way out of austerity". The group also suggests the chancellor eases the tax burden on companies by switching business rate hikes from the retail prices index to the lower consumer prices index. The Independent’s leader argues that whatever Mr Hammond’s plans are for tax and spending, he should be aiming to make the tax system less complex.

Source: The Daily Telegraph (16/10/2017)