Fair Taxation of the Wealthy
Opposition Day — [17th allotted day]
Vincent Cable (Shadow Chancellor, Treasury; Twickenham, Liberal Democrat)
Yes. We have argued for that, and I believe that the Government want to move in that direction, although they have been slow in implementing that. What my hon. Friend proposes is obviously right and would make it more difficult for companies to set up in business with the specific purpose of promoting anti-avoidance. The Government have made it clear that they want to tighten up where they can. However, the Government are having a drive on tax evasion, as opposed to tax avoidance. They have offered a generous amnesty to large numbers of very wealthy people who have not been paying taxes that they legally should have paid. A perfect combination of policies would be to pursue assiduously the evaders while tightening up on avoidance.