IFS calls for Chancellor to raise taxes in upcoming Budget

The Institute for Fiscal Studies (IFS) has urged Chancellor Rishi Sunak to use the forthcoming Budget to raise taxes.

The think tank stated that the Chancellor either needs to raise taxes or 'break a fiscal rule' in order to avoid day-to-day spending cuts beyond 2021.

However, the Conservative Party's election manifesto promised not to raise income tax, national insurance or VAT.

The IFS has also called on the Chancellor to abolish Entrepreneurs' Relief and end the 'ludicrously generous tax treatment of capital gains at death and of inherited pension pots'.

Commenting on the matter, Paul Johnson, Director of the IFS, said:

'Rishi Sunak's first Budget could be the most important fiscal event in years. It will set the direction of policy for the next five years. If this new government is going to make radical changes to taxes and spending, this surely is the time to do it.

'There are plenty of tax rises which would both raise revenue from better off individuals and improve the coherence of the tax system.'

We will update you on pertinent Budget announcements.

Internet link: FS publications

Why you should choose us...

We have many clients in the local community and service businesses, small and large, across many sectors...

Learn more

© 2020 Berry & Warren Ltd. All rights reserved. We use cookies on this website, you can find more information about cookies here.

Home | Contact us | Site map | Accessibility | Disclaimer | Help | powered by totalSOLUTION

Berry & Warren is a trading name of Berry & Warren Ltd. 54 Thorpe Road, Norwich, Norfolk NR1 1RY
Also at: 10 Fairland Street, Wymondham, Norfolk NR18 0AW Tel: 01953 604707 Fax: 01953 600629
Directors: D.J. Mann F.C.A., A.T.T., J.C Woodcock F.C.A., T. Chapman F.C.A.
Registered Auditor. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C002589552.
VAT Registration: 992508487 Company number: 06272957 Registered in England & Wales.