Partner Article

Government pledges to cut tax avoidance schemes

The Government has pledged to crack down on tax avoidance schemes, outlining plans which could see those who attempt to aggressively reduce their tax bills named and shamed.

Increasing pressure on the Coalition to offset the effects of the austerity budget on the UK recession led to the consideration of new powers for HM Revenue and Customs.

The new plans include greater access to information from tax avoidance schemes, which will help to identify customers and warn individuals over their actions. Any tax avoidance providers found to have broken rules could also be required to reveal details of schemes.

It has been estimated by the Tax Justice Network that rich individuals have exploited loopholes of up to $20 trillion in different nations’ tax regimes.

In a pre-released speech, the Treasury Minister David Gauke will said: “We are building on the work we have already done to make life difficult for those who artificially and aggressively reduce their tax bills.

Following a return to recession, there are now concerns that the Coalition will fail to meet its budget deficit. This means that clamping down with tax avoidance and finding efficiency savings is crucial to balancing losses.

This was posted in Bdaily's Members' News section by Ruth Mitchell .