U.K.’s Javid Weighs Tax Raid on High Earners, FT Reports

(Bloomberg) -- U.K. Chancellor of the Exchequer Sajid Javid is considering a tax raid on higher-income earners when he unveils his budget in March, the Financial Times reported.

Among measures being weighed is a revision to the pension tax relief system, which costs the Treasury almost 40 billion pounds ($51.6 billion) each year in foregone income tax revenues, the paper said, citing sources it didn’t identify.

Javid and Prime Minister Boris Johnson are working on tax reforms that would fulfill a Conservative Party election pledge to “remove arbitrary tax advantages” for Britain’s wealthiest. Javid hasn’t made final decisions yet on the budget planned for March 11, according to the report.

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