THE Chancellor’s avowed aim to have everyone paying their fair share of income tax seems to have missed an unmissable target in the shape of those running private equity investment firms – most of whom already receive more money than they know what to do with, apart from supporting large political parties.

This so-called “Mayfair loophole” should have been targeted in the recent Budget proposals so that the privileged few benefiting from their ten per cent tax on their millions would at least have to pay the same rate as the unprivileged many.

REG GRAHAM, Southampton.