Osborne Eyes Tax Evaders And Pensions Of Rich

The Chancellor has promised to hunt down tax evaders and tax the wealthy - warning that everyone must make a contribution.

In his Autumn Statement on Wednesday, George Osborne is set to hit the pension pots of the wealthiest by slashing the £50,000 annual tax relief cap on pensions to as little as £30,000, according to The Sunday Times. That could raise between £600m and £1.8bn.

Tax evaders are also under the scanner of the Chancellor who told The Sun "we are hunting down those who evade tax wherever they try to hide".

The comments come as several leading football clubs face questions about their tax arrangements and amid an unprecedented public outcry over multinational corporations' tax avoidance through complex offshore mechanisms.

Starbucks, which recently came under fire from MPs over its tax affairs, is reportedly in talks with officials at Revenue and Customs about doing a deal.

In an article in The Sun, Mr Osborne said: "We are still all in this together. Everyone must make a contribution to dealing with our debts, from the richest in our society to those living a life on benefits.

"Every one of my Budgets has raised more from the richest. The situation under Labour where top people in the City were paying lower tax rates than their cleaners has been ended."

Meanwhile, shadow chancellor Ed Balls told the Sunday Mirror that a change of course was needed from David Cameron and Mr Osborne.

"When the medicine makes the patient sicker, you don't just take more of it. We need to change the medicine, or change the doctor."

Any form of mansion tax - or splitting council tax bands - is likely to be ruled out in the coming statement.

There is also speculation a planned 3p per litre rise in fuel duty planned for January may be delayed.

Some benefits are also expected to be frozen.

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