Lord Lilley
Main Page: Lord Lilley (Conservative - Life peer)Department Debates - View all Lord Lilley's debates with the HM Treasury
(1 day, 17 hours ago)
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Lord Livermore (Lab)
I agree with my noble friend that it is important to look at inequality right across the tax system and across our society. This Government are of course committed to reducing that through measures such as the minimum wage increases we have seen recently. Of course, successful businesses and entrepreneurs who create jobs and wealth are the engine of economic growth in our society. We will support them to succeed while ensuring that the wealthiest pay their fair share towards the public finances.
Lord Lilley (Con)
My Lords, are the Government trying to prove the truth of the law first articulated by the late lamented Lord Harris of High Cross that punitive taxes on the rich do not redistribute income but redistribute people, to the immense loss of the Treasury in this country?
Lord Livermore (Lab)
No, we are not. The UK’s main rate of capital gains tax is lower than in any other European G7 country, as is our corporation tax rate. Our new residence-based regime is simpler and more attractive to new arrivals than the non-dom regime it replaces—the regime put in place by the party the noble Lord supported for 14 years.