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Labour plans £6bn tax raid on bankers and mansions

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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.  

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