Treasury prepares to shut down £2bn in avoidance
Exchequer secretary will announce how government intends to crackdown on avoidance
THE TREASURY is set to reveal its anti-avoidance measures today to save an additional £2bn in tax over the next five years.
Reports in the press this morning say that exchequer secretary David Gauke (pictured) will reveal initiatives to close loopholes in corporate and income tax as well as VAT.
The Financial Times quotes an adviser saying: “These changes deal with long-standing loopholes which Labour failed to close.”
Briefings to the press suggest the measures will tackle intra-group loans, “disguised remunaration” and the use of currency selection for tax purposes.
HM Revenue & Customs is also expected to publish the next stage in expanding the tax avoidance disclosure regime.