LibDems want to close tax loopholes
Tax loopholes exploited by the rich that cost the exchequer up to 40 billion pounds a year would be closed down by a Liberal Democrat government, the party pledged on Monday.
G7 will do all needed for stability says DarlingLibDem Treasury spokesman Vince Cable said the party would aim to recoup 5 billion pounds in avoided tax which would be used to reduce the tax burden for the majority of people.
"It is immoral for people to avoid paying their share of tax," he said at his party's autumn conference in Bournemouth. "And we want to stop them."
The money gained would go towards a 4 pence in the pound tax reduction in the starting rate of income tax which the LibDems have promised to introduce.
Public concern has risen over the relatively low rates of tax paid by wealthy foreigners living in Britain and by top earners in the City of London financial district.
In response, the government has over the past year changed tax rules for wealthy "non-domiciled" foreigners who pay no British taxes, as well as altering the rate paid on capital gains.
But Cable said Labour had botched the tax changes and created "the worst of all possible worlds".
He said the LibDems would clamp down on six tax loopholes, including tax breaks on overly generous "golden goodbyes".
"We must end the tax giveaway which allows sacked businessmen and women to walk away with huge tax-free windfalls, effectively rewarding failure," he said.
He said the proposals included:
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