Budget: Wealthy targeted through 'tycoon tax' and stamp duty

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...