Chancellor Rishi Sunak is considering an increase in corporation tax in his March budget as he looks to balance the books in the wake of the coronavirus crisis, reports the Times’ Steven Swinford. Mr Sunak is considering partially reversing cuts made by former Chancellor George Osborne under which corporation tax has fallen from 28% to 19%. Mr Swinford says the Treasury could target corporation tax as it is considered one of the few “genuine revenue raisers” in the Government’s arsenal, but notes that cabinet colleagues may not be receptive to an increase, suggesting it could deter business. He adds that the move could also put Mr Sunak at odds with Boris Johnson, with the Prime Minister having suggested that taxes for businesses should be cut as Britain tries to seize on the opportunities brought about by Brexit.
Read more: The Times
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