McDonnell promises an end to tax avoidance
Shadow chancellor John McDonnell has pledged to end the "scourge of tax avoidance" by creating a new tax enforcement unit and banning "tax-dodging companies" from winning public sector contracts. “We will ensure that all British Crown Dependencies and Overseas Territories introduce a full, public register of company owners and beneficiaries,” he added. Mr McDonnell told the Labour conference that the party will also introduce a change in tax emphasis from income to "wealth" - raising the prospect of new taxes on assets. And he said that Labour would introduce a "real living wage" of at least £10 an hour in 2020 if in power, as well as ensuring that everyone in the country receives a basic income - at an estimated cost of over £200bn. However, Chris Leslie, the party"s former shadow chancellor, warned the plan would mean doubling income tax, NICs, council tax and VAT.
Source: The Guardian (27/09/2016)