Lord Dubs
Main Page: Lord Dubs (Labour - Life peer)Department Debates - View all Lord Dubs's debates with the HM Treasury
(9 years, 8 months ago)
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Lord Newby
My Lords, it is important to have competitive corporate tax rates, which is why we have reduced them, although it is obviously the case that you reach the point as you are reducing taxes when you lose revenue. The trick is to get the balance right, which is what we have done by reducing corporation tax, for example, and by putting capital gains tax up very significantly from the level it was under the Labour Government.
Lord Dubs (Lab)
Could the Minister explain how it is that some wealthy people—leaders of our big companies—manage to get themselves domiciled abroad, in places such as Hong Kong, as the senior management of HSBC has done? Surely, that is the real tax dodge.
Lord Newby
My Lords, we have taken a number of measures to make sure that non-doms pay more per annum and have introduced a new charge on non-doms of £90,000 a year for those who are in the UK for a long time.