Treasury 'has balance right' on taxing wealthy

THE Treasury has “got the balance right” on tax, Rachel Reeves said, as she faced questions about Labour calls to weigh up a wealth tax.

- PRESS ASSOCIATION REPORTERS

The Chancellor said tax decisions would be announced at a future budget “in the appropriate way”, after former minister Anneliese Dodds said it was “important” for the Government to consider evidence set out by the Wealth Tax Commission.

Ms Dodds, who resigned as a Foreign Office minister in February over the Government's decision to cut overseas aid to fund a defence spending boost, said the commission’s work “has changed the debate”.

Ms Reeves said: “In the budget last year, we got rid of the non-domicile status in our tax system, so people who make Britain their home have to pay their taxes here.

“We introduced increased taxes on private jets, on second homes, and increased capital gains tax, so I think we've got the balance right in terms of how we tax those with the broadest shoulders, but any further decisions will be ones that are made at a budget in the normal way.”