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
Brewin's Gutteridge: bonds with Ian Spreadbury

Brewin's Gutteridge: bonds with Ian Spreadbury

This week Brewin Dolphin's research head chats to Fidelity's Ian Spreadbury about the recent behaviour of interest rates and credit spreads.

Play Can tech advances explain the UK productivity puzzle?

Can tech advances explain the UK productivity puzzle?

Much of the productivity puzzle of the last eight years may be explained by a failure to capture new tech

Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Your Business: Cover Star Club

Small is beautiful: wealth firms still see value in less rich

Small is beautiful: wealth firms still see value in less rich

Latest statistics from findawealthmanager.com show that there are many firms who still service smaller clients.

Wealth Manager on Twitter