I’ll help make tax fair
When big companies dodge their taxes, the rest of us lose out. It’s estimated that corporate tax dodging costs developing countries $160 billion every year, and that’s why I’m supporting plans for a Finance Bill by the next Labour Government.
We will close loopholes that cost the Exchequer billions of pounds a year, increase transparency and toughen up penalties. We will act in our first Finance Bill to:
- Introduce penalties for those who are caught by the General Anti-Abuse Rule;
- Close loopholes used by hedge funds to avoid stamp duty;
- Close loopholes like the Eurobonds loophole which allow some large companies to move profits out of the UK and avoid Corporation Tax;
- Stop umbrella companies exploiting tax reliefs;
- Scrap the “Shares for Rights” scheme, which the Office of Budget Responsibility has warned could enable avoidance and cost £1bn and is administered by HMRC, and so ensure HMRC can better focus on tackling tax avoidance;
- Tackle disguised self-employment by introducing strict deeming criteria;
- Tackle the use of dormant companies to avoid tax by requiring them to report more frequently.
Portsmouth people more than ever need support to earn our way out of the cost-of-living crisis and pay down the deficit, and this proposed Finance Bill will help achieve this.