Finance Bill: Treasury to clamp down on wealthy tax dodgers

The Chancellor, George Osborne, will announce that properties bought through offshore companies will be subject to 5% stamp duty, rather than the 0.5% rate they can currently pay, according to the Telegraph. Tax charges for non-domiciled investment in UK business are expected to be reduced - from the current 28% rate for capital gains and 50% income tax rate - to zero. In total, more than 30 reliefs are likely to be scrapped in a long-running effort to simplify the system. The draft proposals will aim to modify the Controlled Foreign Companies legislation, which taxes UK-based comp...