FILE PHOTO: People shop at market stalls, with skyscrapers of the CIty of London financial district seen behind, amid the coronavirus disease pandemic, in London, Britain, January 15, 2021. - ReutersBritish finance minister Rishi Sunak is set to increase a tax on business to pay for an extension to COVID-19 support schemes in the budget next month, The Sunday Times reported https://bit.ly/3ujaBcU.
According to the report, at least 1 pence is set to be added to the bill for business from this autumn, at a cost to business of 3 billion pounds, with further rises in subsequent years.These measures will be helpful in paying for an extension to the furlough scheme, VAT cuts and business support loans until at least August.
“The corporation tax hike will be higher than expected and the extension of the support schemes will be longer than most people expect,“ the newspaper quoted a source as saying.