Reports: Share profits could be in Tory tax crosshairs
Stock market investors could be in line for a tax hike, according to reports this afternoon.
The Government is expected to announce sweeping changes to National Insurance later today in the House of Commons as part of attempts to fill a gaping hole in the nation’s post-pandemic finances.
But one source told The Sun that “It’s not just (national insurance) coming today but a far broader taxation package that will potentially raise billions.”
The Sun reports that a tax on shareholder profits could be on the cards.
Boris Johnson has come under fire from his own party for breaking manifesto commitments and a tax on the City and financial services would see more of the party’s traditional supporters irritated with Downing Street.
Business groups have already responded to the mooted National Insurance hike with anger, with the IoD describing the move as illogical during a fragile economic recovery.
The announcement is due to be made in the Commons at 12:30pm.
More to follow
Read more: IoD: Hiking national insurance to pay for social care is illogical