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Labour Pledges Huge Fines On Tax Avoiders To Raise £7.5Bn A Year

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http://www.theguardian.com/politics/2015/apr/11/labour-huge-fines-tax-avoiders-election-2015-ed-miliband

Labour will declare an immediate, all-out war on tax avoidance and evasion if it wins the 7 May election, pushing emergency laws through parliament designed to raise more than £7.5bn a year.

The plan, involving far higher fines and the closing of loopholes, will form a central part of Labour’s election manifesto, to be unveiled in Manchester on Monday.

The manifesto will seek to bolster Labour’s damaged economic credibility by focusing heavily on a strategy to “protect the nation’s finances” and will aim to highlight its message that working people should not have to pay more to compensate for tax abuses by the rich.

Shadow chancellor Ed Balls told the Observer that under Labour’s proposals, the chancellor and the head of HM Revenue and Customs would both be summoned annually before parliament to explain how they were performing against the target to claw back the £7.5bn a year. Balls said the target was “ambitious” but the aim was to hit it by midway through the five-year term.

Does this include or exclude MP's flipping homes etc....

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Never going to happen in any meaningful way - both parties are in thrall to the Westminster establishment and tax loopholes exist precisely to allow those at the top to pay next to no tax whilst remaining within the law.

What they'll do is go after a few high-profile celebs and sports stars for some front page headlines, to give the hard-of-thinking public the impression that something is being done.

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The manifesto will seek to bolster Labour’s damaged economic credibility by focusing heavily on a strategy to “protect the nation’s finances”..

Sounds like prudence but they can't call it that anymore. It's just like 1997 - give them another chance and they won't wreck the economy again. As if.

The Conservative/Libdem approach is look how well we've done (as if) as they cover up the massive extra wreckage done under their governance.

So how much of the £7.5 billion is going to be from fines on the little people and how much from cutting down on tax avoidance and evasion - or they've just plucked a figure out of thin air.

They never give any real details.

Edited by billybong

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That guardian article is interesting. It could have been taken from articles written at this point of time before any general election going back decades - just insert new inflated figures with Labour going to "claw back" this amount and the Conservatives going to "claw back" a similar but slightly different amount and the Libdems going to claw back something in-between.

Then whoever gets in power seems to forget about it or the very opposite happens.

Edited by billybong

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Sounds like prudence but they can't call it that anymore. It's just like 1997 - give them another chance and they won't wreck the economy again. As if.

The Conservative/Libdem approach is look how well we've done (as if) as they cover up the massive extra wreckage done under their governance.

So how much of the £7.5 billion is going to be from fines on the little people and how much from cutting down on tax avoidance and evasion - or they've just plucked a figure out of thin air.

They never give any real details.

The difference now is that they need the SNP to take power?

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That guardian article is interesting. It could have been taken from articles written at this point of time before any general election going back decades - just insert new inflated figures with Labour going to "claw back" this amount and the Conservatives going to "claw back" a similar but slightly different amount and the Libdems going to claw back something in-between.

Then whoever gets in power seems to forget about it or the very opposite happens.

Best HPC result would be Labour in power with SNP backing, and a lot of UKIP mp`s?

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The difference now is that they need the SNP to take power?

It looks like that could be on the cards but in the meantime they'll be announcing policies that they think will help them to avoid that happening.

Nobody knows for sure there's been a lot of big changes in political terms in the last 5 years and the success of UKIP in last year's eu elections was largely unexpected so the coming election could be full of surprises at the expense of the LibLabCon.

Edited by billybong

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Brown did a good job on tax avoiders when he dipped into their pension schemes... or maybe that wasn't the kind of tax avoidance Guardian readers had in mind? This time it could be ISAs, more pension repression, one man band Ltd Cos (won't please Ken Livingstone).

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Brown did a good job on tax avoiders when he dipped into their pension schemes... or maybe that wasn't the kind of tax avoidance Guardian readers had in mind? This time it could be ISAs, more pension repression, one man band Ltd Cos (won't please Ken Livingstone).

He dipped into pension schemes at about the same time as the house price boom took off.

It seemed too much of a coincidence to be entirely random and I dare say that a lot of people would have much preferred pension schemes to have held their value along with reasonable house prices rather than having to rely on house price escalation for retirement funds along with the general impoverishment especially of the young as a consequence.

Edited by billybong

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It looks like that could be on the cards but in the meantime they'll be announcing policies that they think will help them to avoid that happening.

Nobody knows for sure there's been a lot of big changes in political terms in the last 5 years and the success of UKIP in last year's eu elections was largely unexpected so the coming election could be full of surprises at the expense of the LibLabCon.

I think the demise of the main parties in Scotland is pretty much assured, not much any Westminster politician can say to change that now. Miliband suddenly seems to be coming across as "normal", don`t know how he did that, it is like a good actor switching into different roles? The non-dom stuff is good panto, but hopefully there are enough disaffected to boost UKIP.

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How are you going to have a 'war on tax avoidance'? By definition, tax avoidance is perfectly legal, that's why it's not tax evasion.

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How are you going to have a 'war on tax avoidance'? By definition, tax avoidance is perfectly legal, that's why it's not tax evasion.

Quite, it is all just panto. Miliband would do and say anything to get the keys to Downing street at this point IMO. Still can`t believe the turnaround in his personality though, reminds me a bit of this...

http://24.media.tumblr.com/tumblr_mcm16mwT3s1qkcj94o1_1280.jpg

Or this...http://static.guim.co.uk/sys-images/Observer/Pix/pictures/2010/3/4/1267730874165/king-of-comedy-001.jpg

to this...http://images4.fanpop.com/image/photos/24400000/Robert-De-Niro-robert-de-niro-24436637-488-500.jpg

Edited by dances with sheeple

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Still can`t believe the turnaround in his personality though, reminds me a bit of this...

can't see any change myself, still gurning and weird talking to camera at today's manifesto launch. Still I"m not convinced by slick salesmen like Dave.

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Self-employed beware. Looks like more tax investigations - if they find even the smallest error the fines are enormous. Big business and rich people with the right type of accountants - business as usual.

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The difference now is that they need the SNP to take power?

Worried about the SNP too, totally in their interests to bankrupt the country on jam today and then pass the bill onto the English when they become Independent.

Miliband now promising to reduce the deficit every year, shouldn't be too difficult as we are on a recovery path and the deficit is still in the stratosphere.

Labour definitely doing better in their presentation these last few days.

http://www.bbc.co.uk/news/election-2015-32279977

Edited by crashmonitor

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Self-employed beware. Looks like more tax investigations - if they find even the smallest error the fines are enormous. Big business and rich people with the right type of accountants - business as usual.

I doubt the excuses some of the MPs gave would suffice.......one rule for some another rule with a fine on top for everyone else.....all people should pay their taxes.....having enough money to be able to pay for avoidance advise is not on......it seems like those that can least afford it are paying the price for others to avoid it. ;)

Low hanging fruit.

Edited by winkie

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Worried about the SNP too, totally in their interests to bankrupt the country on jam today and then pass the bill onto the English when they become Independent.

Miliband now promising to reduce the deficit every year, shouldn't be too difficult as we are on a recovery path and the deficit is still in the stratosphere.

Labour definitely doing better in their presentation these last few days.

http://www.bbc.co.uk/news/election-2015-32279977

A bit of me wants to vote Labout for the lolz.

Increasing public speeding. Reducing the deficit. All by doing a mansion tax and chasing tax dodgers.

Wow - worth of David Copperfield.

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Self-employed beware. Looks like more tax investigations - if they find even the smallest error the fines are enormous. Big business and rich people with the right type of accountants - business as usual.

Not really. Most self-employed barely scrape into the first tax band.

Chasing anyone other than the top 5% of self-employed is probably not worth it, tax recovered vs. money spent.

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The SNP likely end up running the UK - albeit in coalition. After all it's called the Scottish National Party so it really wants nothing to do with England or the UK - it's pretty anti those. That's their reason for being - it's in the name.

Then they end up running the place (even more so than now) - it's farcical but the irony is they could do better than the Conservatives.

Edited by billybong

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Could they not just announce they'll seize the fortunes of Mittal, Abramovich and half a dozen other serial tax avoiders and be done with it. That should raise > 100billion and wipe out the deficit tomorrow.

Going forward, announce that they'll remove any special tax deals with all our offshore "friends" in Jersey, IOM, BVI etc. and get all that exported cash back. Ask the UK banks to bring back their monies from these places as well.

Sorted. And it still only month 2 of the new govt. :D

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Not really. Most self-employed barely scrape into the first tax band.

Chasing anyone other than the top 5% of self-employed is probably not worth it, tax recovered vs. money spent.

True if that is the only job they have.......very many employed are also self-employed. ;)

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Could they not just announce they'll seize the fortunes of Mittal, Abramovich and half a dozen other serial tax avoiders and be done with it. That should raise > 100billion and wipe out the deficit tomorrow.

Going forward, announce that they'll remove any special tax deals with all our offshore "friends" in Jersey, IOM, BVI etc. and get all that exported cash back. Ask the UK banks to bring back their monies from these places as well.

Sorted. And it still only month 2 of the new govt. :D

Meanwhile there would be panic capital flight, interest rates would go up to 15%, sterling would crash below $1.......and in the meantime housepricecrashers (especially the gold bugs) would be celebrating the Mother of all black swans as we headed for Argentine status.

Edited by crashmonitor

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Meanwhile there would be panic capital flight, interest rates would go up to 15%, sterling would crash below $1.......and in the meantime housepricecrashers (especially the gold bugs) would be celebrating the Mother of all black swans as we headed for Argentine status.

and the supreme court would rule the whole thing illegal and we'd have to pay them back with fines and interest.

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