Thinktank calls for chancellor to limit impact of national insurance rise
Rishi Sunak is being urged by a leading centre-right thinktank to limit the impact of April’s controversial £12bn increase in national insurance contributions by shifting the burden of tax from work to wealth.
Highlighting disquiet in Tory ranks over the looming national insurance rise, a report from Bright Blue has called for higher taxes on capital, inheritance and rents as a way of making the system fairer.
Broadening the health and social care levy to apply to pensioner and rental income.
Ending the exemption from paying national insurance contributions for those working on beyond the state pension age, currently 66.
Narrowing the gap between the headline rate of capital gains tax and Income tax by creating two main rates for all capital gains of 18% at the basic rate and 28% at the higher rate.
Replacing inheritance tax with a lifetime receipts tax, which would have a starting lifetime allowance of £125,700.
