‘George Osborne was left “shocked” after an analysis of the tax returns of multi-millionaires which he personally ordered found that they are exploiting loopholes to pay little or nothing at all.
‘George Osborne was left “shocked” after an analysis of the tax returns of multi-millionaires which he personally ordered found that they are exploiting loopholes to pay little or nothing at all.
‘A confidential study by HMRC found they are using aggressive avoidance schemes to reduce their income tax rate to an average of 10% – less than half the level paid by the average Briton. The Chancellor personally studied the “anonymised” copies of the tax returns submitted by some of the country’s wealthiest citizens which showed some people are able to avoid paying income tax entirely.
‘The analysis convinced Mr Osborne that millionaires must pay a minimum rate of tax equivalent to about a third of their earnings, which has been described as a “tycoon tax”.’
‘George Osborne was left “shocked” after an analysis of the tax returns of multi-millionaires which he personally ordered found that they are exploiting loopholes to pay little or nothing at all.
‘George Osborne was left “shocked” after an analysis of the tax returns of multi-millionaires which he personally ordered found that they are exploiting loopholes to pay little or nothing at all.
‘A confidential study by HMRC found they are using aggressive avoidance schemes to reduce their income tax rate to an average of 10% – less than half the level paid by the average Briton. The Chancellor personally studied the “anonymised” copies of the tax returns submitted by some of the country’s wealthiest citizens which showed some people are able to avoid paying income tax entirely.
‘The analysis convinced Mr Osborne that millionaires must pay a minimum rate of tax equivalent to about a third of their earnings, which has been described as a “tycoon tax”.’
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