The Chancellor has set out plans to clamp down on the use of tax loopholes and reliefs as part of a raft of measures targeting the wealthy.
Dubbed a ‘tycoon tax' in the run up to today's Budget, George Osborne's plans will see a 25% cap on income tax reliefs for anyone claiming more than £50,000. Describing tax evasion and aggressive tax avoidance as "morally repugnant", he also committed the government to introducing a general anti-avoidance rule, which will be consulted on and introduced in next year's Finance Bill. Meanwhile, in a nod to the Liberal Democrat idea of a ‘mansion tax', Osborne proposed a new 7% stamp duty rate on properties above £2m, to come into effect from midnight. At present, the highest stamp dut...
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