Labour will target raising an extra £5 billion a year by tackling tax avoidance – and fund policies to bring down NHS waiting times and introducing free school breakfast clubs for every primary school pupil.

Labour’s Plan to Close the Tax Gap will relentlessly pursue the money that is owed, with a plan to make sure people pay the right tax in the first place, and that directly tackles tax avoidance and evasion.

The plan would raise a net £700 million in 2025/26, rising to £5.1 billion a year by the end of the parliament. It outlines legal and regulatory changes that a future Labour government would consider introducing to tackle tax avoidance too, including requiring a wider range of tax schemes to be reported to HMRC under the disclosure of tax avoidance schemes regime.

Labour will also raise £2.6 billion over the course of the next Parliament – including £1 billion initially – by closing the loopholes in Rishi Sunak’s non-dom plan.

This money raised will pay for Labour’s plans to bring down NHS waiting lists and introduce breakfast clubs in every primary school.