Tax hikes of up to £20bn targeting the wealthy are being considered to cover the cost of the coronavirus crisis, it has been reported.Ministers are looking at raising capital gains tax and corporation tax as soon as the November Budget to address the nation's finances, according to the Sunday Times.The money could be clawed back from a range of sources including pensions, businesses, and foreign aid, the newspaper said.Chancellor Rishi Sunak is considering hiking corporation tax from 19 per cent to 24pc in order to boost revenue by £12bn next year, it is claimed.Capital gains tax might also be paid at the same rate as income tax, under the ideas being looked at.Pension tax relief could also be 'slashed' under measures being considered by.
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