Direct Tax and National Insurance Contributions

Baroness Janke Excerpts

Tuesday 25th October 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

We all wish the new Prime Minister well. I personally congratulate him on his victory and, as he said himself, he has a hard task—and more. But to answer the noble Lord’s question, certainly on the non-dom side, they play a very important role in funding our public services, and the rules were changed on non-doms, to bring an end to permanent non-dom status.

[Baroness Janke (LD)]

My Lords, do the Government believe that taxation should not only be fair but be seen to be fair? If so, are the Government still planning to scrap the cap on bankers’ bonuses? Does the Minister agree that this is not only unjust and unfair but an insult to so many people who are paying soaring mortgages, food and energy costs and struggling to feed their families?

[Viscount Younger of Leckie (Con)]

I do not know of any plans to change the current position, which is that the cap was raised on bankers’ bonuses, and I may say, having had a long career in the city, that I think it is a very good thing. The reason for that is that we are in a position in London to recruit the very best bankers from around the world who generate income for the UK, and they pay more tax into the Treasury, so it is a very good thing.