Rachel Reeves said: “If you live in Britain and run a business, then you should also pay tax here.” No. 39; Photo: Christopher Furlong/Getty Images
Labour will close the inheritance tax loophole for non-citizens and target tax evaders so they can pay their school and National Service spending obligations health care.
Rachel Reeves, shadow The Chancellor will announce the move on Tuesday, with the money raised to be used to fill the financial hole left when the Tories copied Labour's plans by scrapping the tax regime for non-residents in last month's Budget.
Labor will go further. andremove the ability of current non-household individuals to move their money into an offshore trust before the ban comes into effect in April next year and avoid paying inheritance tax.
The party will also abolish the 50 percent cut on the amount non-households must pay in tax in the first year of the new ban, a measure aimed at mitigating the impact of the changes.
The policy represents a tightening of the ban on non-residents announced by Mr Hunt last month. A Labor source said: «They've done a semi-skimmed version and we're doing a full-fat version.»
Money raised will go towards fulfilling commitments to improve health care and provide free primary school breakfasts for children.< /p>
The second step will include measures to help HMRC do a better job of collecting tax payments due. but he never did. It includes hiring up to 5,000 additional compliance staff, investing money in digitizing the tax service and making greater use of artificial intelligence at HMRC.
A tax raid on non-household inheritance tax is estimated to raise £430 million a year. Removing the 50% discount would generate £600 million, although this would be a one-off saving.
Labour estimates savings from tackling tax evasion would start at £700 million a year and rise to £5 billion pounds sterling per year for five years.
The focus on the «tax gap» between what is owed and what is actually paid comes after Gareth Davies, head of the National Audit Office, called for action to tackle the problem.
G Ms Reeves said: «At a time when working people in the UK are being asked to pay more tax due to the Conservatives' economic failures, it is wrong that a minority continue to avoid paying their debts.»
«After 14 years in power, the Conservatives have not been able to solve this problem, and the tax gap remains unacceptably high.
“With Labour, everything will change. We'll take on tax evaders because if you live and do business in the UK, you'll have to pay tax here too.
“The plan we're announcing will give HMRC the resources it needs to prosecute those who evade or evade taxes, and to modernize the tax service so that we have a system that is fit for purpose.»
But Conservatives question whether so much money can be raised by tackling tax avoidance, saying Tory governments have announced 200 measures to do so since 2010.
Laura Trott, chief secretary to the Treasury, said: “After a month of searching for a plan to pay for Labour's unfunded spending bill, the shadow chancellor still cannot say how she will fill the huge black hole in their promises. And this means one thing – more taxes.
“The Labor Party has not changed. They remain committed to unfunded spending, including their £28 billion a year decarbonisation pledge, which means they will have to raise taxes on working families, putting us back to square one.
“Conservatives” have introduced more than 200 measures to tackle tax non-compliance and we are committed to a plan to strengthen the economy so we can cut taxes, putting £900 into the pockets of the average worker and helping families build a brighter future.” future.»
The FDA, the union representing government employees, welcomed the announcement. Lauren Crowley, Assistant Secretary General, said: “We urge whoever forms the next Government to implement our proposals fully to ensure HMRC has the resources it needs to maximize funding for the Treasury and UK public services.”
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