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Wealthiest tax clampdown

Wealthiest tax clampdown
Nick Clegg has vowed not to accept further cuts that will hit lower-income workers unless taxes on the rich are increased.

Speaking on the Andrew Marr Show this morning, the Liberal Democrat leader ruled out the possibility of the Government filling the gap in public finances through cuts to the welfare budget – something reportedly being mooted on the Conservative benches.

He said the Government would “start at the top and work down”, and was optimistic about his chances of persuading his Conservative colleagues to agree to a so-called ‘wealth tax’.

“There is a very considerable chance... to make sure that the top pay more tax.”

Mr Clegg's comments come after announcements from Vince Cable and Danny Alexander that will target the wealthiest.

Danny Alexander announced new scrutiny on homeowners with assets worth more than £1m, adding that HMRC officials will “sniff out” wealthy individuals not paying their fair share of tax.

The Chief Secretary to the Treasury said in an interview with the Mail on Sunday the wealthiest "did best in the boom years" and so should "pay more now".

The announcement will see the Affluence Unit at HMRC target an extra 200,000 people.

The Business Secretary Vince Cable also signalled a renewed push for a mansion tax and a clampdown on offshore tax avoidance. In an interview with the Sunday Times, the Business Secretary called for tougher action against the "shady" wealthy people who make "systematic and cynical" use of offshore tax havens.

For the latest on the Lib Dem conference see Central Lobby.

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