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Taxing the super-rich

In recent years, Britain has attracted a large number of the world's super-rich—thanks partly to the favourable tax regime. But politicians of left and right are now starting to wonder if it's possible to increase the tax take on the wealthy without driving them abroad

By David Goodhart   August 2007

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Earlier this year, an IMF paper declared Britain to be a tax haven. The comment passed largely unnoticed at the time, but the recent attention that has been focused on private equity companies has moved the issue of the taxation of the “super-rich,” as well as legitimate tax avoidance, into mainstream political debate. The favourable personal tax arrangements for private equity executives and other high earners—many in the financial services sector—stem in part from Gordon Brown’s decision back in 1998 to reduce the capital gains tax on the sale of…

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