Budget: Wealthy targeted through ‘tycoon tax' and stamp duty

The Chancellor has set out plans to clamp down on the use of tax loopholes and reliefs as part of a raft of measures targeting the wealthy.

Dubbed a ‘tycoon tax' in the run up to today's Budget, George Osborne's plans will see a 25% cap on income tax reliefs for anyone claiming more than £50,000. Describing tax evasion and aggressive tax avoidance as "morally repugnant", he also said the government would consult on an anti-avoidance rule. Meanwhile, in a nod to the Liberal Democrat idea of a ‘mansion tax', Osborne proposed a new 7% stamp duty rate on properties above £2m, to come into effect from midnight. He also detailed plans to clamp down on stamp duty avoidance by using companies to buy expensive properties. Th...