You are here: Home - Retirement - Retirement planning - News -

Govt to step up ‘ruthless pursuit’ of tax avoiders

Written by:
The Conservative government will not introduce a 'wealth' or 'mansion' tax on the rich, but will step up its pursuit of those who are not paying the taxes they should, Chancellor George Osborne said today.
Govt to step up ‘ruthless pursuit’ of tax avoiders

Delivering his speech to the Conservative Party conference in Birmingham this afternoon, Osborne said he would make it “more and more uncomfortable” for wealthy people to evade paying their taxes.

“This is not idle rhetoric,” Osborne said, adding the Treasury was already collecting some £4bn extra a year in unpaid taxes. He said he expected that figure to increase.

“We are the party for low taxes for the many, not of no taxes for the few,” he said.

Osborne confirmed he would not be introducing a ‘wealth’ tax, or an annual ‘mansion’ tax on some property owners, two ideas mooted by the Liberal Democrats.

But he dismissed suggestions the coalition government had been soft on the rich.

“Each budget has increased overall taxes on the richest,” he said. “We’ve got rid of a cripplingly-ineffective 50p [income tax] rate that raised no money and cost jobs. It is a phoney conception of fairness to stick with that tax rate…just to say you’ve kicked the rich.”

He added it was “economic delusion to think you can balance the economy on the wallets of the rich”.

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
insurance claims
8.9m Brits admit to ‘bump and drive’

Millions of Brits have admitted to hitting parked cars and then driving off without owning up to the damage, according...