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UK Sunak to raise business tax to pay support for COVID-19: The Sunday Times

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(Reuters) – British Finance Minister Rishi Sunak has decided to raise a tax on business to pay for an extension of COVID-19 support schemes in the budget next month, The Sunday Times reported. bit.ly/3ujaBcU.

Photo Photo: British Treasury Chancellor Rishi Sunak leaves Downing Street, London, UK, November 25, 2020. REUTERS / Simon Dawson

Sunak, in his speech on March 3, will announce that he is raising the corporate tax from 19 denars per pound and will outline a path where it will increase to 23 denars per pound by the time of the next general election, he said. reports. The move will raise the expected mil 12 billion ($ 16.8 billion) a year, the report added.

According to the report, at least 1 penny has been decided to be added to the business bill from this autumn, at a cost to the business of mil 3 billion, with further growth in the following years.

Sunak’s allies clarified that he would not raise the corporate tax higher than 23%.

These measures will be useful to pay off an additional scheme extension, VAT cuts and business support loans until at least August.

Unlike the Conservative-led government of 2010, which pursued spending cuts to rebalance the economy after the global financial crisis, Sunak is expected to postpone most of the tougher decisions on how to pay that support in his budget speech.

The corporate tax increase will be higher than expected and the extension of support schemes will be longer than most people expect, the newspaper quoted a source as saying.

Insiders indicated that the property purchase fee waiver will also be extended in line with other coronavirus support measures, the report said.

The Britains economy had its biggest decline in 300 years in 2020, when it shrank by 10% and will shrink by 4% in the first three months of 2021, the Bank of England predicts.

($ 1 = 7 0.7136)

Reporting by Vishal Vivek in Bengaluru; Edited by Lincoln Feast.

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