Published 15:30 IST, December 11th 2019
Britain general election campaigns attract interest of ultra-rich
The general election campaign of United Kingdom, which ends on the night of December 11, has shifted attention to ultra-rich groups during campaigns.
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The general election campaign of Britain, which ends on the night of December 11, has shifted attention to ultra-rich groups during campaigns. The main opposition Labour party has repeatedly attacked tax avoidance and evasion and vowed to renationalize key industries such as mail delivery, energy, and the railways. John Caudwell, a business magnate on Monday warned the increase of Labor tax tariffs for the top five per cent of earners. The business tax would mark a significant drop in investment. According to the reports, there were 151 billionaires in Britain. The 1000 richest families and individuals have a record of combined wealth worth £771.3 billion (S$1.37 trillion). The Indian origin businessmen Gopichand and Srichand Hinduja brothers head the list with £22 billion.
Britain has its own special status
Britain has its own special status to its tax regime known as the 'non-dom' status which allows the residents of Britain to maintain fiscal residency overseas and not pay income tax on earnings from outside the country. As per the revenue and customs service, 78,300 people were classified as the "non-dom" category in 2017-2018, which allows them to pay £2 billion less to the Treasury. Another advantage of the British tax system is that capital gains tax can be offset by much lower taxes on the property.
PM leads the opinion polls
With the snap general elections being just around the corner, Prime Minister of Britain Boris Johnson is already seen leading in the opinion polls. However, some of the surveys also reveal that Johnson's win the elections which were called to end the parliamentary deadlock could be too close to call. Reportedly four opinion polls were published on December 7, just five days before the 'big day' reveal that Johson's Conservative Party overtakes the biggest opposition which is Jeremy Corbyn's Labour Party between eight and 15 points.
14:46 IST, December 11th 2019