Call for PRP scheme to be scrapped

Call for PRP scheme to be scrapped

The profit-related pay (PRP) scheme is ‘not achieving its stated objectives’ and should be scrapped, according to The Institute for Fiscal Studies’ Green Budget, published this week. PRP tax relief now costs the Treasury #1.5bn. Even without a U-turn, the IFS expects the Chancellor to cut income taxes by u3bn next month – equivalent to 1.5p off the basic rate – funded through a cut in ‘nominal’ spending plans.

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