Matt Rodda for Reading East

Standing up for Reading

10 point plan to cut Tax Avoidance

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Labour’s £7.5bn target for cutting tax avoidance and evasion

Under the last Labour government the tax gap was falling by £1.5bn a year on average between 2005-06 and 2009-10. But under the Tories it has been increasing by an average of £1bn a year.

The next Labour government will set a target to not only get back to avoidance and evasion falling at £1.5bn a year, but reverse the increases under the Tories as well.

Labour’s Ten Point Plan to Tackle Tax Avoidance:

-Abolish the non-dom rules so that wealthy people are not able to use loopholes to avoid paying tax like the rest of us, while introducing a temporary residence rule for those genuinely in the UK for a short period of time, such as university students.

-Re-write the rules which allow private equity managers to get away with paying less tax than ordinary working people even when they have not been investing their own money

-Close loopholes used by hedge funds to avoid stamp duty

-Force the UK’s Overseas Territories and Crown Dependencies to produce publicly available registries of beneficial ownership

-Increase penalties for tax avoidance including new penalties for those who are caught by the General Anti-Abuse Rule

-Close loopholes like the Eurobonds loophole which allow some large companies to move profits out of the UK and avoid Corporation Tax

-Scrap the “Shares for Rights” scheme, which the OBR has warned could enable avoidance and cost £1bn

-Tackle disguised self-employment by introducing strict deeming criteria

-Tackle the use of dormant companies to avoid tax by requiring them to report more frequently

-Make country-by-country reporting information publicly available

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