Speaking at the Liberal Democrats Spring conference on Saturday, Nick Clegg proposed the tycoon tax on millionaires, with the aim of introducing a minimum tax rate to ensure high earners didn’t pay less than twenty percent of their incomes tax.
Clegg told the conference: “There are hundreds of people earning millions per year who are barely paying 20 per cent tax – forget 40 per cent, forget 50 per cent, forget 30 per cent.
“I think it’s time that we look at what I call a tycoon tax.”
However, no sooner had Clegg announced his proposals than the Treasury announced they were surprised by the deputy Prime Minister’s mention of a minimum tax rate, with sources close to the Chancellor saying a minimum tax rate wasn’t being considered.
One Treasury source added: “There are people out there making use of various reliefs and loopholes who don’t pay much tax at all.
“There is a commitment across government to close those loopholes.”
During his keynote speech at the conference on Sunday, Nick Clegg appeared to have softened his stance on the tycoon tax, telling the conference: “We will call time on the tycoon tax dodgers and make sure everyone pays a fair level of tax.”
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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