Labour Planning a Crackdown on “unfair tax breaks”

The UK Labour Party has promised to crack down on unfair tax breaks, which are used by private-equity and hedge funds, in an attempt to win over voters before the election in May.

Labour has also reiterated its plants to introduce a levy for bankers’ bonuses, which would see funds going towards a youth employment program, and is aiming to close the non-domicile rules in the UK, which allows the wealthiest individuals in Britain to dodge taxes on some of their income.

Now that there are less than four weeks to go until voting, Labour and the Conservative-Liberal Democrats are neck and neck in the polls.

Labour is also planning to completely abolish the current non-domicile status in the UK, which allows wealthy citizens to avoid taxes on income from outside of the country if they are a resident overseas.