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Budget set to deliver modest tax reform

Budget set to deliver modest tax reform

The i says today’s Budget is likely to deliver modest increases in taxation, with an increase in corporation tax and freeze to the thresholds at which people pay the basic and higher rate of income tax expected to be outlined by the Chancellor. It adds that further changes to taxation will come on March 23, with the Treasury set to announce a number of consultations on potential reforms. Among proposals likely to be detailed on what has been dubbed ‘tax’ day’ are a levy on online retailers and an increase to the level of national insurance contributions paid by the self-employed. The Telegraph looks at how Rishi Sunak might raise revenue without breaking the “triple tax lock” manifesto promise, saying he could tweak thresholds. EY’s Chris Sanger says the Chancellor has “many options if he's looking to raise revenue in the future without changing the headline rate”. Meanwhile, BBC News says that while Conservative backbenchers are strongly opposed to tax rises, former party leader Lord Hague has said "personal and business" taxes must rise to help Government finances. Elsewhere, a Telegraph editorial says the Chancellor may see an economic boom once pandemic restrictions are lifted, “provided he does nothing to hinder recovery”, adding that this means “resisting the pressure for tax increases” as he looks to balance the nation’s books. The FT says that while an Office for Budget Responsibility forecast is set to outline an improved outlook, Mr Sunak “will still warn that tax rises are coming.”

Read more: Daily Mail


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