UK Partnership Tax Could Give Reeves £1.9 Billion, Study Says
A study suggests that the UK government could generate £1.9 billion ($2.6 billion) annually by removing an outdated tax relief for business partnerships, primarily affecting lawyers, accountants, and financiers. This proposal could assist Chancellor of the Exchequer Rachel Reeves in addressing the country's financial deficit. The relief, which allows partners to deduct a portion of their income from tax, is seen as an outdated and potentially unfair provision. Removing this relief could provide a significant boost to the government's revenue, potentially helping to fund public services or other priorities. The study highlights the potential impact of targeted tax reforms on specific sectors, as the government continues to explore ways to strengthen the UK's financial position.
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