The prime minister has bemoaned the tax system which is allowing people to
turn £1bn in income into capital to dodge capital gains tax.
Speaking to Jeremy Vine on Radio 2, David Cameron said that tax evasion was a
“We are finding that a lot of people turn income into capital to evade the
tax system, and we are losing about £1 billion because of that,” said Cameron.
Concerns that raising the CGT rate closer to the 50% higher income tax band
would see investors hold onto assets and leave the Treasury further out of
pocket might be avoided. Cameron hinted that that those who had already held
assets for a long period of time would receive concessions to avoid discouraging
them from selling.
“This is not about punishing savers,” Cameron added.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states