Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Labour plans £6bn tax raid on bankers and mansions

5 Comments
Labour plans £6bn tax raid on bankers and mansions

Labour plans to raise a further £6 billion a year from bankers and owners of prime properties via a ‘mansion tax’, an extension of windfall taxes on bank bonuses and a return to a 50% tax rate.

Shadow chancellor Ed Balls estimated that a charge against properties valued at above £2 million would raise at least £2 billion a year.

‘After the global banking crisis and with bank bonuses soaring again this year, it’s fair to pay for our jobs plan with a repeat of Labour’s tax on bank bonuses,’ said Balls.

 He also said he would limit pensions contributions relief for those earning above £150,000 to match basic rate taxpayers.

The bank bonus tax would apply during 2015/16 and would follow the one-off banking levy charged by former Labour chancellor Alistair Darling in 2009.

Balls said he would not rule out extending the charge if the banking sector does not rein in bonuses, however.

The additional revenue would be ringfenced to pay for a jobs guarantee for young unemployed.  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Play Wealth managers reveal the best investment ideas of the year

Wealth managers reveal the best investment ideas of the year

From robotics to impact investing, wealth managers share the best ideas they have heard this year.

Play Baillie Gifford's Earnshaw on Xi Jinping's 'new era'

Baillie Gifford's Earnshaw on Xi Jinping's 'new era'

Sophie Earnshaw talks through what Xi Jinping's 'new era' means for investors. and why Chinese tech offers some of best growth stocks in the world.

Read More
Your Business: Cover Star Club

Profile: JM Finn on why the future is with financial planners

Profile: JM Finn on why the future is with financial planners

There is a lot of work on pension consolidation and Sipps have been a big driver there, says JM Finn chief executive

Wealth Manager on Twitter