Lord Bhatia
Main Page: Lord Bhatia (Non-affiliated - Life peer)(3 years, 7 months ago)
Lords ChamberMy Lords, the Government are absolutely committed to levelling up across the UK, including by incentivising investment in areas outside London and the south-east. When it comes to capital gains tax and wider tax measures, the report by the Wealth Tax Commission actually found that, on a narrow definition, UK taxes on wealth are about average for G7 countries, and on a slightly wider definition, our taxes on wealth are among the highest of the G7 countries.
My Lords, can the Minister confirm whether new businesses will benefit from this equalisation?
My Lords, the proposals for equalisation are currently in a report from the Office of Tax Simplification and do not represent government policy—although of course the Government will look at the recommendations of that report very carefully.