Labour will oppose measures in the Finance Bill to cut Corporation Tax and Capital Gains Tax being debated tonight and tomorrow in the House of Commons at Report Stage and Third Reading.

The Finance Bill has unfairness at its very core – it includes tax cuts to Corporation Tax and Capital Gains tax whilst doing nothing to remedy the Tories’ failings on fairness and equality. Labour will oppose these tax cuts for the wealthy which could result in just 0.3 per cent of the population getting a £3,000 a year average tax cut under the giveaway.

Labour are also calling for a wide-ranging review of the UK tax gap and reform proposals in this Finance Bill. We will lead the way on tackling tax avoidance with our Tax Transparency Enforcement Programme.

Rebecca Long-Bailey MP, Shadow Chief Secretary to the Treasury, who is leading Labour’s opposition to the Finance Bill in Parliament, said:

“There is no evidence to suggest that cuts to Corporation Tax will help businesses to invest. Instead, the Government should lead on the long-term investment this country desperately needs. Until Phillip Hammond decides to do so, Britain is on hold.

“The Tories have a clear choice; to decide whether to use any spare cash, of which they keep saying there is none, to help the most vulnerable, who have suffered six years of the Government’s austerity programme or to give tax breaks to some of the wealthiest people in our society - those who need it the least. They continue to choose the latter and that says it all about this Government’s priorities.

“The Labour Party opposes this government’s economic approach based on cuts and under-investment - standing up for the millions of people who are suffering needless hardship under due to austerity.

“We will also be calling again for more action on tax avoidance we have been for the last year. We have to call tax avoidance out for what it really is: tax dodging. It is wrong. At a time of deep economic insecurity after years of austerity economics, we have to ensure that we have a fair tax system.”

Ends

Notes to Editors

Labour has tabled numerous amendments and new clauses including opposing cuts to Corporation Tax and Capital Gains Tax; calling for measures to tighten up the penalties for both enablers of offshore tax avoidance and tax avoiders themselves.