Millionaire Tory MPs demand an end to inheritance tax
People can pass on estates of up to £1 million to their spouse or civil partner without paying any inheritance tax.
People can pass on estates of up to £1 million to their spouse or civil partner without paying any inheritance tax.
“From the party chair sacked over his tax affairs to the party treasurer who took part in a tax avoidance scheme, Sunak is drowning in a swamp of sleaze.”
“The eye-watering £42bn now owed to HMRC in unpaid taxes would have filled a lot of this year’s infamous public spending black hole”
While the Tories have been busy telling us that they can’t afford to invest more in public services, it’s emerged that a fall in tax investigations carried out by HMRC has cost the government £9 billion. The FT reports: “HMRCtest
‘What we must do is create a legal system which penalises individuals and companies that use tax havens
‘UK residents had £850bn in financial accounts overseas — of which £570bn was based in tax havens — in 2019, the latest year HMRC has released statistics for.’
‘Figures published today by HMRC show that the “Tax Gap” – the difference between the money owed to HMRC and that collected – stands at a staggering £35 billion.’
Corporations could find it easy to dodge the G7’s proposed new tax rules.
Poor regulation is the result of a broken political culture.
It’s time to close the loopholes – and give HMRC the resources it needs, Prof Prem Sikka writes.