Below is Labour’s Press Release on tackling tax avoidance and evasion. These things are not typically made available to the public – so I have taken the liberty of publishing it below.
Some brief thoughts on the announcement follow:
(1) Labour will tackle the beneficial taxation of private equity carried interests. Whilst this tax break is, perhaps, uglier even than the non-dom remittance basis, these individuals are highly mobile and the behavioural effects of removing this tax break cannot sensibly be considered in isolation from the increase in the top rate of tax, the mansion tax, and removal of the remittance basis of taxation for non-doms
(2) having pointed out that the Tories’ projected £5bn yield from tackling tax avoidance is meaningless if unspecified (actually I was a little blunter) I cannot fail to make that point in this context. That having been said, the carried interest changes are newly announced…
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