Liz Truss and Rishi Sunak are just a few weeks away from the vote that will confirm one of them as leader of the Conservative Party.

The two candidates are plugging away in their attempts to convince Tory members they would be the most effective Prime Minister to deal with the current slate of problems.

With the Bank of England warning of a potential recession to come later in the year, helping people through the cost-of-living crisis will be a huge subject to consider.

Taxation is just one policy where differences have come up between the two to help with this, which have been broken down by RIFT Tax Refunds in how much they would cost.

Bournemouth Echo: Sunak is planning to be more cautious with tax policy (PA)Sunak is planning to be more cautious with tax policy (PA) (Image: PA)

Rishi Sunak

  • National Insurance - Up
  • Corporation Tax - Up 24%
  • VAT on fuel - Down
  • Fuel Duty - No change
  • Green Levies - No change
  • Benefit to the taxpayer/cost fo treasury - £4.3bn

Liz Truss

  • National Insurance - Down
  • Corporation Tax - Down 19%
  • VAT on fuel - No change
  • Fuel Duty - Down
  • Green Levies - Down
  • Benefit to the taxpayer/cost fo treasury - £30bn

CEO of RIFT Tax Refunds, Bradley Post, commented: “Both Rishi Sunak and Liz Truss are bringing two very different proposals to the table and this is especially true of their stance on tax, where there is currently a £25.7 billion difference in approach. 

"Rishi Sunak is keen to ensure that tax revenue is high enough to repay Covid induced debt and to stem inflation, albeit now u-turning on vat on fuel, whilst Liz Truss maintains that tax cuts are necessary to help grow the economy away from recession. 

"Depending on who takes the hot seat, there will be some important changes on the horizon for both the everyday consumer and British businesses.”