TaxAdministrationTaxman recovers £12.6bn from big business

Taxman recovers £12.6bn from big business

Research reveals success of crackdown over past four years

Tax investigations into big businesses recovered an extra £12.6bn over the
past four years, a 69% increase over the period, according to research from UHY
Hacker Young cited in the
Financial
Times
.

The papers this morning speculate that the figures will help support Liberal
Democrat manifesto claims that billions more for the revenue can be recovered
with a crackdown on tax avoidance.

The Lib Dems want to see the introduction of a general anti avoidance
principle, or GAAP which would aim to block arrangements designed to sidestep
tax liabilities.

Overall the research suggests HMRC crackdowns raised an additional £40bn over
the period up to March 2009, but by far the most lucrative for the exchequer
were probes into big business. The overall rise was 64%.

Hacker Young is reported to have claimed that the intensity of the tax
investigations could be a factor in persuading companies to go offshore.

Read More:

Lib
Dem manifesto targets middle classes

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