, two people familiar with the matter said, a move that would hit shareholders and owner-managers of businesses. It’s currently set at £2,000, but reducing it to £1,000 would raise about £455-million a year, according to Treasury calculations.Financial TimesHunt is expected to maintain the foreign aid budget at 0.5% of GDP for another two years, instead of increasing it to 0.7% in 2024-25 as Sunak had previously promised. The UK had spent 0.
Hunt and Sunak have a major decision to make about the bank surcharge, which is an 8% levy on bank profits in addition to the standard corporation tax rate. As chancellor, Sunak had said he would cut the 8% levy to 3%, because corporation tax is due to rise from 19% to 25% and he didn’t want the UK’s banking sector to become uncompetitive., citing unidentified government officials.
Sunak and Hunt plan to reveal a stealth tax raid on pensions later this month, with the pension lifetime allowance set to be frozen for two more years, the Telegraph newspaper reported. A rise would be in line with prices delayed from 2025 to 2027, meaning 2 million savers now face tax charges of up to 55% on their retirement funds by the end of that period, according to expert analysis.
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