THE CHANCELLOR HAS waged war on multi-national businesses and partnerships, claiming he will make £2bn a year from closing tax loopholes.
George Osborne said that “too many use agressive tax avoidance schemes”. He announced a litany of processes to close loopholes.
The chancellor said HM Revenue & Customs will not receive any budget cuts, but would receive £77m more which would go towards funding a further 2,500 tax inspectors.
He also claimed that the General Anti Avoidance Rule (GAAR) would come into effect next year, as well as taxes coming to the UK from Swiss bank accounts.
Osborne hopes to reclaim up to £5bn in the next six years from settlements from Swiss bank accounts, following an agreement the government has made with Switzerland.
However, the chancellor added that although he wants the UK to remain one of the most tax-competitive places in the world, everyone must pay their fair share.
Taxman’s Counter Avoidance Directorate behind the massive increase in revenue, law firm claims
Phillip Gershuny, senior tax partner at Hogan Lovells, outlines how a European exit could affect UK taxes
London accountancy firm Blick Rothenberg warns of potential damages VAT changes could cause UK businesses
Two PwC whistleblowers and journalist to stand trial over alleged leaking of corporate tax documents