Jeremy Corbyn, UK Labor Leader, has vowed to stop multinational companies offshoring their tax bills to places with “lower tax regimes” with measures to force them to pay their fair share in the UK.
The Labour leader met workers at an Amazon depot in Sheffield as he warned big companies they would have to pay taxes on all operations in the UK.
Labour expects the measures would raise £6.3bn for the exchequer by 2024 to help pay for its manifesto plans to nationalise key utilities in a “green industrial revolution”.
Mr Corbyn and shadow employment rights secretary Laura Pidcock set out plans to clamp down on “enablers of tax dodging”, increase HMRC targeted audits and establish an inquiry into the finance sector.
If Labour wins the 12 December election, it would introduce a 20 per cent offshore company property levy, require greater scrutiny of MPs’ tax affairs and scrap non-dom status which gives tax advantages.