Tories battle to stop tax legislation

A tax avoidance scheme devised to wipe out the tax liabilities of hedge fund managers and wealthy individuals sparked a parliamentary challenge over retrospective taxation on Thursday.

Conservatives moved to prevent backdated application of new legislation aimed at shutting down the avoidance scheme. Such changes to the tax code were "undermining the reputation for certainty in our taxation system", said David Gauke, shadow Treasury spokesman.

The Tories' effort to amend the government's flagship finance bill could cause them political embarrassment, however, because it concerns tax avoidance that enables some of the super-wealthy to maximise their income.

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