Boris Johnson to unveil tax hike on shareholder profits as well as National Insurance hike today

BORIS Johnson today unveiled a massive raid on shareholder profits to raise billions for the NHS and Social Care.

The PM today revealed a 1.25 per cent hike to National Insurance contributors from workers and firms today - as well as a new tax assault on investors.

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Cabinet sources say people paid in dividends will still be allowed a personal allowance before the the new tax hike kicks in, with only the most profitable investors affected.

The PM and Chancellor Rishi Sunak will hope the move will offset claims that their raid on workers' wages is unfair as well as raise additional billions every year to plug fiscal black-holes in both the NHS and social care budgets.

Boris said in his Commons statement: "We will be asking better-off business owners and investors to make a fair contribution too. 

"In fact, the highest earning 14 per cent will pay around half the revenues, no-one earning less than £9,568 will pay a penny, and the majority of small businesses will be protected, with 40 per cent of all businesses paying nothing at all."

But the move is likely to trigger an angry backlash from Tory MPs who claim to be the party of capitalism. 

Boris Johnson today broke a key election promise by hitting millions with more taxes.

He confirmed:

• He will hike it by 1.25 per cent to raise billions of pounds of extra cash - which will come in in April 2022
• Boris revealed to raise even more money
• The NHS will get the extra cash at first to help sort out the backlog in the health service, which will then swap to social care from April 2023 onwards
• Over 65s who are working will have to pay a form of National Insurance for the first time in a bid to make it fairer for younger Brits
• The PM, Sajid Javid and Rishi Sunak will hold a press conference this afternoon to lay out the plans
• Higher rate taxpayers will pay around £715 per year more
• Employers will also be asked to cough up extra cash too
• And share-holder profits will also be whacked with extra taxes

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