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12/4/2021, 12:50 AM (Source: TeleTrader)
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UK govt to cut income tax or VAT - report

United Kingdom's Chancellor of the Exchequer Rishi Sunak is expected to reduce the income tax or the value-added tax (VAT) before the next general election in 2024, the Times reported. The chancellor is said to prefer the income tax cut "by 2p in the pound" over the next three years.

According to sources, the Tories are also considering "scrapping the 45p higher rate of income tax in their election manifesto." Other plans being put together would see the VAT cut "for households using green energy." Another option under consideration is increasing the inheritance tax threshold for the first time since 2009, the report claimed.

Baha Breaking the News (BBN) / DJ