United Kingdom

Labor Party vows to reform foreign tax rules to benefit ‘privileged few’ | Political news

Labor says it will reform its “non-domestic” status to prevent people who make their home in Britain from evading British taxes on foreign income for up to 15 years.

The party said that if elected, it would reduce the availability period to benefit only those who stay in the country for a really short time.

It comes after it was recently revealed that Chancellor Rishi Sunak’s wife, Akshata Murti had a non-home statuswhich could save him 20 20 million in dividend tax on shares of Infosys, an Indian tech firm founded by his billionaire father.

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Mrs. Murti has since announced he will pay UK taxes on his world income.

Also the Minister of Health Sajid Javid found out he had been homeless for six years while working in the banking sector, before entering politics.

Labor says it’s time to break rules that are more than 200 years old, bringing them into line with other major economies such as France, Germany and Canada.

Rachel Reeves, the shadow chancellor, told Sky News: “If you make Britain your home, you have to pay your taxes here.

“It’s more important than ever, because we’re in a life-threatening crisis right now. “Everyone notices those rising prices.”

He said that with the increase in taxes for working people-employers, “it was absolutely right that the gaps would be closed, which means that there are a few privileged people who go out of their way to pay their fair share of taxes.”

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Ms Reeves described the system as “outdated, unfounded and unfair”.

He said. “We would eliminate non-home status, but as in other modern economies, we would have rules for people who are temporarily in the UK for a short period of time.

“In Germany և in Canada it is six months, in Japan – five years.

“We will work with companies to get the relevant period, but in the UK you can be here year after year … if you have lived in the UK for 15 years, you have to pay your taxes here.”

The status concerns more than 75,000 people.

In a briefing, Labor said 1,900 homeless people in the UK aged seven to 15 paid between ,000 30,000 and և 50,000 a year to maintain that status.

The fees raise միլիոն 70 million a year for the treasury, but save those people “significantly more,” the party said.

It cited a study by the EU Tax Observatory, which estimates that the treasury could make more than միլի 1 billion in profits from the removal of non-domestic rules.

Labor Party vows to reform foreign tax rules to benefit ‘privileged few’ | Political news

Source Labor Party vows to reform foreign tax rules to benefit ‘privileged few’ | Political news

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