This week I met with Jeremy Hunt, the Chancellor of the Exchequer. I am in favour of tax cuts but they must be affordable and sustainable. My recommendations for the next Budget from a Kensington perspective include:
- lowering the top end rates of stamp duty which are a tax on social mobility and which are a real disincentive for people to move, whether downsizing or upsizing
- removing the principal residence from Inheritance Tax
- reducing Income Tax
The Chancellor’s flexibility for tax cuts will depend on the final OBR forecasts which he will be receiving shortly ahead of the Budget on March 6th.