The government has signalled that when it comes to paying down its Covid related debt, it's against doing anything that would harm the economic recovery. 

    This means that a one-off wealth tax or Covid recovery tax looks unlikely. 

    As we've seen in the recent Budget, the government favours a deferred approach to tax changes.

    This is borne out by the planned increase to corporation tax from 19 per cent to 25 per cent in 2023 for profits over £250,000.

    Here, Tony Wickenden explains the attraction for the government of increasing corporation tax rather than other taxes. 

    Tony also looks to the US, and the proposed changes to corporation tax there. 

    While the US wants to see a global minimum rate of tax of 21 per cent, it is also looking to shift the tax focus of multi-national corporations to where they carry out their transactions, as opposed to where the company is based. 

    The question is: could the UK follow suit?

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