Osborne, Mitchell and Hammond accused of tax avoidance
In the week in which the coalition will announce massive cuts to public services three high-ranking cabinet ministers face accusations of tax avoidance.
In the week in which the coalition will announce massive cuts to public services three high-ranking cabinet ministers face accusations of tax avoidance.
Another day, another round of worrying headlines for the deputy prime minister, barely 100 days in office, effectively running the country in David Cameron’s absence and now facing one of his most sustained periods of pressure – from the press, Opposition and his own backbenchers over the issue of tax avoidance.
Today’s papers were once again filled with stories of Lib Dem anger at Sir Philip Green’s appointment as a government adviser, with The Times front page reporting demands from Lib Dem backbenchers that Nick Clegg – who is said to be privately “irritated” despite publically backing Sir Philip – instigate a review of his tax arrangements.
Alistair Darling’s Budget was an opportunity to address the inequity of tax avoidance. He took it but there’s still more to be done.
Without eliminating anomalies and freeing tax policymaking from the tentacles of the avoidance industry, Labour is unlikely to make a significant dent in the leakage of tax revenues.
We need to improve tax policy to reduce inequalities and increase social investment
The system is loaded against workers
With the cost of corruption put at 5% of global GDP annually, this is a global scourge
“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 25% tax is only on selected profits of oil and gas companies, mainly North Sea profits of what the legislation calls “ring fence trade”.