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Labour UK tax plans: wider HMRC registration of avoidance schemes, closure of non-dom loopholes and extra resourcing, targeting £5.1bn over five years

Published on: 11 April 2024

Published by a Law360 reporter
Legal News
Article summary

Labour's Shadow Chancellor of the Exchequer, Rachel Reeves, will confirm plans to require more tax avoidance schemes to register with HMRC.

Reeves says the move could bring in about £700m in 2025, rising to £5.1bn over five years. She will also pledge to shut loopholes worth £2.6bn in the non-domicile rules for people living in the UK who are recorded as non-residents for tax purposes. These rules were recently reworked as part of the Spring Budget presented to Parliament. On 8 April 2024, Reeves argued that, at a time when working people in Britain are being asked to contribute more because of the Conservatives’ economic failures, it is wrong that a minority continue to avoid paying what they owe. The Chancellor of the Exchequer, Jeremy Hunt, stated on 6 March 2024 that the government would abolish the current tax system for non-domicile status in the Spring Budget...

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