Sir George responds to constituents' concerns regarding the 'Mayfair loophole'
25 Mar 2015
The so-called 'Mayfair loophole' is part of the capital gains system and was agreed by the last Labour Government. It allows private equity firms to treat their profits as capital gains when there is capital at risk.
This Government have taken action to increase tax on private equity by raising the rate of capital gains tax from 18 per cent to 28 per cent. This tax increase also meant that hedge fund managers no longer pay less tax than their cleaners - a situation Labour did nothing about in 13 years in office.
Beyond this, I can assure you the Government is taking action to tackle aggressive tax avoidance and evasion of both large companies and individuals. It has led the world on changing international tax rules and is implementing those changes in Britain.
It has also gone further on tackling tax avoidance and evasion than any previous Government, closing more of the loopholes it inherited, and raising £85 billion in compliance activity. In addition, a future Conservative Government is committed to recouping an additional £5 billion by clamping down in the next parliament at the same rate as in this parliament.

There was no vote on this matter in the recent Finance Bill.

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Copyright Sir George Young Bt. 2015