The Upcoming
  • Culture
    • Art
    • Cinema & Tv
      • Movie reviews
      • Film festivals
      • Shows
    • Food & Drinks
      • News & Features
      • Restaurant & bar reviews
      • Interviews & Recipes
    • Literature
    • Music
      • Live music
    • Theatre
  • Fashion & Lifestyle
    • Accessories
    • Beauty
    • News & Features
    • Shopping & Trends
    • Tips & How-tos
    • Fashion weeks
  • What’s On
    • Art exhibitions
    • Theatre shows
  • Tickets
  • Join us
    • Editorial unit
    • Our writers
    • Join the team
    • Join the mailing list
    • Support us
    • Contact us
  • Interviews
  • Competitions
  • Special events
    • Film festivals
      • Berlin
      • Tribeca
      • Sundance London
      • Cannes
      • Locarno
      • Venice
      • London
      • Toronto
    • Fashion weeks
      • London Fashion Week
      • New York Fashion Week
      • Milan Fashion Week
      • Paris Fashion Week
      • Haute Couture
      • London Fashion Week Men’s
  • Facebook

  • Twitter

  • Instagram

  • YouTube

  • RSS

Current affairs

Lib Dems announce crackdown on millionaires’ tax avoidance‏

Lib Dems announce crackdown on millionaires’ tax avoidance‏
23 September 2012
Zanib Asghar
Avatar
Zanib Asghar
23 September 2012

Anyone worth more than £1 million could come under scrutiny from inspectors in a fresh crackdown on tax avoidance announced by Treasury Chief Secretary Danny Alexander.

The move will mean a further 200,000 people will be targeted by the HM Revenue and Customs’ affluence unit, set up originally to study the affairs of the 300,000 with assets and property of more than £2.5 million.

Alexander, speaking to the Mail on Sunday at the Lib Dem annual conference in Brighton, said officials would “sniff out” anybody who was not paying their fair share of tax.

“The measure will apply to people with homes and assets of more than £1 million.” He added, “The wealthiest did best in the boom years and it is right they should pay more now.”

Clegg described the crackdown as a “time limited contribution” to the “national effort” since he said the country was not in a “short economic battle” but a “longer economic war”. The deputy prime minister went on to say it would be “people of considerable wealth” who would be asked to make a contribution.

He told the Guardian: “The action is making sure that very high asset wealth is reflected in the tax system in the way that it isn’t now, making sure that we continue to crack down very hard on tax avoidance, making sure that tax breaks don’t go disproportionately to people at the very top.”

The scheme is likely to be praised by Lib Dem activists and comes as Clegg promises to play hardball with David Cameron over the future of the coalition.

The proposal also comes as Business Secretary Vince Cable indicated he wants a fresh assault on tax havens and non-domiciled millionaires. Cable told The Sunday Times he wants action against “shady” wealthy people who make “systematic and cynical” use of offshore havens such as Monaco and the Cayman Islands.

Clegg stressed it was only “half-time” in the coalition’s term of office and brushed aside suggestions he would be stepping down before 2015, by promising to fight for the party right up to the general election.

Zanib Asghar

Related Items

More in Current Affairs

Changes to expect during menopause

The editorial unit
Read More

Why Equity Linked Savings Schemes is a preferred tax saving?

The editorial unit
Read More

How the world’s top designers would rebrand political parties

The editorial unit
Read More

Royal baby furore: Proof that the British monarchy is still popular?

Eoin O’Sullivan-Harris
Read More

World Mental Health Day 2018: Raising awareness and combating stigma

The editorial unit
Read More

Seven political personalities you should know about

The editorial unit
Read More

Donald Trump: An enemy of the arts?

The editorial unit
Read More

Trump’s fortune: Where did the money come from?

The editorial unit
Read More

Snapchat Spectacles come to the UK

The editorial unit
Read More
Scroll for more
Tap
  • Popular

  • Latest

  • TOP PICKS

  • London’s best pizzas for takeaway and delivery
    Food & Drinks
  • Cruise – Online
    ★★★★★
    Theatre
  • Syml – Dim EP
    ★★★★★
    Album review
  • London’s Michelin-starred restaurants open al fresco right now – and all those re-opening in May
    Food & Drinks
  • Birdy at Wilton’s Music Hall Online
    ★★★★★
    Live music
  • Arlo the Alligator Boy
    ★★★★★
    Movie review
  • London’s Michelin-starred restaurants open al fresco right now – and all those re-opening in May
    Food & Drinks
  • Ride or Die
    ★★★★★
    Movie review
  • Dad Stop Embarrassing Me!
    ★★★★★
    netflix
  • Live from the Barbican: Moses Boyd
    ★★★★★
    Live music
  • Arlo the Alligator Boy
    ★★★★★
    Movie review
  • London’s Michelin-starred restaurants open al fresco right now – and all those re-opening in May
    Food & Drinks
  • Live from the Barbican: Moses Boyd
    ★★★★★
    Live music
  • The Secret Connection – Online
    ★★★★★
    Theatre
  • London Grammar – Californian Soil
    ★★★★★
    Album review
The Upcoming
Pages
  • Contact us
  • Join mailing list
  • Join us
  • Our London food map
  • Our writers
  • Support us
  • What, when, why

Copyright © 2011-2020 FL Media

London Met wins reprieve in student visa row
Iran blocks Google in preparation for domestic internet service