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Jul 9th, 2015

We’re making progress on closing the Mayfair tax loophole!!

By Cara Bevington

This is huge news. Yesterday the government revealed that they’re starting to tackle the Mayfair loophole. That’s the tax-dodging loophole that 38 Degrees members uncovered, then campaigned to close. It lets super-rich finance bosses pay a lower rate of tax than many nurses and teachers.

At first the government denied the loophole even existed – but we kept the spotlight on it and stood strong. Now, they’re making moves to fix it. They know we’re right.

But right now, the government’s plans won’t completely close the Mayfair loophole. [Read why at note 1 below]. We’ve got less than a week until the plans are finalised, so we need to seize the moment right now. Can you sign the emergency petition to David Gauke – the minister in charge of UK tax laws – to get him to finish the job? Please add your name now: https://secure.38degrees.org.uk/mayfair-loophole-budget

The government is trying to look good on tax dodging. They know the public is outraged by big businesses and rich financiers paying peanuts compared to ordinary people. They won’t want an outcry over the Mayfair loophole to overshadow their attempts to look tough on tax.

It’s because of 38 Degrees members that this loophole was exposed. Together, we put pressure on the government by convincing Labour, the SNP and the Greens to come on side. We pushed it into the media, held public meetings and built a huge petition to spread the word.

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So it’s down to us that the government’s current plans to close the loophole will bring in over £200m a year. That’s money that will pay for our NHS and schools. But if we don’t act now, no one is going to step in for us. This is our job to finish.

Please click here to add your name to the petition now. We’ll deliver it to Parliament next Tuesday, when all MPs are coming together to debate this issue. And we’ll throw the kitchen sink at getting MPs to vote to close the loophole properly. But for our petition to make an impact at the debate, it needs to be massive. Please add your name now: https://secure.38degrees.org.uk/mayfair-loophole-budget

38 Degrees members stand together to fight for fairness. It’s hard to believe that money which should be funding the NHS is being handed to millionaire finance bosses instead. Let’s show that when it comes to tax dodging, we don’t give up halfway.

Please click the link below to add your name to the emergency petition now and tell David Gauke to finish the job and properly close the Mayfair loophole.


[1] The office team asked the tax expert who put together the report on the Mayfair Loophole to explain exactly what happened yesterday: The government announced that fund managers will have to pay ‘headline’ capital gains tax on their carried interest. But the loophole being closed is much smaller than the Mayfair loophole. Wealthy finance managers will still pay 28% rather than 48% of tax on what they get paid to manage other people’s money. And some will still be able to get breaks for being “entrepreneurs”. Some of the richest people in the city are still getting a 40% tax cut, and paying less tax on much of their income than many nurses and teachers.

What to learn more about the Mayfair tax loophole?Read the report funded by 38 Degrees members.

Watch this short video explaining what the loophole is and why we should close it.

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