TAX HIKES ON THE RISE_
                     TAX HIKES 
ON THE 
RISE?
- 
cheylesmore
                     TAX HIKES ON THE 
RISE?
The pandemic has led to the NHS and other social 
care providers coming under tremendous 
pressure given the swarm of Covid cases which 
has slammed the brakes on patients requiring 
treatments for other ailments such as cancer. 
         TAX HIKES ON THE RISE?  
Nevertheless, the cost of an ameliorated social care system 
is an astounding £10 billion annually which would invariably 
require a commensurate increase in government revenues 
to be able to fund such an improvement over the long term. 
The chancellor and health secretary have made clear to the 
prime minister that any improvements wouldn’t be 
sustainable without such action with the unfortunate 
implication of such taxes being a heavier burden placed on 
middle-income families. 
        TAX HIKES ON THE RISE?  
       TAX HIKES ON THE RISE?
Whilst alternatives as to how this sum should be raised are 
numerous, care must be taken by the Treasury to avoid any 
backlash from the public who have already suffered 
economically and mentally from the pandemic’s impact for 
the nearly one and a half years. The chancellor has thus 
decided to delay introducing any new taxation policies after 
factoring the continuing economic turbulence spawned as a 
result of the spread of the Delta variant which has 
questioned the efficacy of vaccines.
        TAX HIKES ON THE RISE?
A final option is to impose a new kind of tax known as the 
“social solidarity” levy which would be primarily targeted at 
individuals aged around or over 40, with consensus 
amongst experts that such a levy of around 2% to 3% would 
be sufficient to fund the desired improvement in England’s 
social care system which many have argued lacks the 
required resources and support to maintain its quality of 
service.
       TAX HIKES ON THE RISE?
Want to stay ahead of the curve with the latest information on tax, 
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and resources it deserves? Then call Cheylesmore Accountants 
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