UK's Sunak preparing to cut income tax or slash VAT before next election -The Times

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(Reuters) – Britain's finance minister Rishi Sunak is preparing to cut income tax by 2 pence in the pound or to slash rates of Value Added Tax (VAT) before the next election, The Times reported on Friday.

Sunak has told officials to draw up detailed plans to reduce the tax burden, with a third option to cut inheritance tax also under consideration, The Times said.

His preference is said to be an income tax cut over the next three years as part of a “retail” offer before 2024, when the next general election is expected, the report added.

(Reporting by Shivam Patel in Bengaluru, Editing by Rosalba O'Brien)

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