The government is planning to beef up taxes on entrepreneurs, landlords and savers in a bid to plug the £50 billion black hole in Britain's finances, according to reports -after the Bank of England warned the country could be facing its longest-ever recession.
Chancellor Jeremy Hunt is planning to increase the headline rate of capital gains tax, which targets the profits made from selling assets, the Telegraph reported.
But a civil service source told the Telegraph: “We have a fiscal hole north of £50bn. We have to cover that with spending cuts and tax rises to try to balance and books." The changes to the reliefs and allowances under capital gains taxes are reportedly the most likely to be approved ahead of the autumn statement on November 17, while the headline rate increase is also a possibility.
“Economic recovery will depend on entrepreneurship. Disincentivising this group in yet another way would be a short-sighted move from the new Chancellor, himself a former entrepreneur.” He added: "The best thing the Government can do if we want to bring down these rises in interest rates is to show that we are bringing down our debt.
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