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The Chancellor announces new clamp down on Tax Dodgers

The Chancellor of the Exchequer, George Osborne, has announced new action to clamp down on tax dodgers. The action includes:

  • New £77m funding for HM Revenue & Customs (HMRC) in this Spending Review period to expand their anti-avoidance and evasion activity, specifically those focusing on offshore evasion and avoidance by wealthy individuals and by multinationals. This is expected to bring in an additional £2bn per year in tax that would have otherwise gone unpaid.
  • A groundbreaking agreement with the US, the first of its kind anywhere, that will significantly increase the amount of information on potentially taxable income automatically exchanged between both countries and further enhance HMRC’s ability to tackle offshore evasion. This sets a new standard in international tax transparency aimed at tackling tax evasion and the Government will look to conclude similar agreements with other jurisdictions.
  • Steps to close the net on the marketers of aggressive tax avoidance schemes, including the introduction of new information disclosure rules and HMRC sanctions for the ‘cowboy’ advisers who sell such schemes.
  • HMRC is also publishing Closing in on Tax Evasion: HMRC’s approach, which sets out HMRC’s current approach to tax evasion, particularly their use of third party data. Building on this work and a new ‘centre of excellence’ for offshore evasion within HMRC, the department will develop a comprehensive strategy for tackling offshore evasion to be published in spring 2013.

The Chancellor said:
“It is unacceptable for a minority to avoid paying their fair share, sometimes by breaking the law. We are determined to tackle this problem and HMRC are making good progress, but we are giving them additional tools to bring in more.”

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The Chancellor will announce further action to close specific tax avoidance loopholes on Wednesday when setting out his Autumn Statement. We at ABDS will keep you informed.”


If you need any help and advice for your Tax and the implications of the HMRC initiatives, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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