November 21, 2019 / 11:34 AM / 16 days ago

FACTBOX-Socialism in the City: UK Labour's plans for finance industry

LONDON, Nov 21 (Reuters) - Britain’s opposition Labour Party released its election manifesto on Thursday, including plans for higher taxes on London’s vast financial services industry.

Below are some of the policies:

FINANCIAL TRANSACTION TAX

Labour will expand Britain’s existing financial transaction tax on shares to trading on other assets, including foreign exchange, interest rate derivatives and commodities.

The party said the tax would be based on who does the trade rather than where the transaction takes place.

Labour said the tax may raise 8.8 billion pounds ($11.4 billion) in 2023-2024 and will reduce trading volatility.

CORPORATION TAX

Labour said they will increase corporation tax by 1 pence per pound next year raising an extra 2 billion pounds.

The party will also review corporate tax reliefs with a view to reducing them by 4.3 billion pounds. ($1 = 0.7729 pounds) (Reporting by Andrew MacAskill)

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