Osborne shocked by millionaire tax avoidance
Chancellor George Osborne has expressed shock after looking at 20 anonymised tax returns of multi-millionaires who have exploited tax loopholes to legally reduce their tax bills.
The move could be considered political posturing after a tough couple of weeks for the coalition over the ‘granny’ and ‘pasty’ tax furores; however, it does prepare the ground for the anti-avoidance law consultation that was announced in the Budget.
After being shown the returns by HMRC, Osborne is now convinced that millionaires must pay a minimum rate of tax equivalent to about a third of their earnings, or a ‘tycoon’ tax.
He told The Telegraph: