Labour plans to raise £500m by closing fund managers’ tax loophole

Exclusive: shadow chancellor Rachel Reeves tells how party would start to end the unfairness' in tax system

Labour has announced plans to raise almost 500m by closing a tax loophole enjoyed by a small number of private equity fund managers.

The shadow chancellor, Rachel Reeves, said the proposal was one example of how a Labour government would start to end the unfairness in the tax system" by ensuring that the wealthy do not avoid tax while ordinary workers are being asked to pay more in national insurance.