TaxCorporate TaxAS2012: £2bn from closing loopholes HMRC given £77m

AS2012: £2bn from closing loopholes HMRC given £77m

Chancellor wages war on tax avoidance schemes

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. 

Related Articles

‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

2m Emma Smith, Managing Editor
OTS report: Corporation tax should follow accounts

Corporate Tax OTS report: Corporation tax should follow accounts

4m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

4m Emma Smith, Managing Editor
Tax crackdown brings in £468m for HMRC

Corporate Tax Tax crackdown brings in £468m for HMRC

10m Accountancy Age editorial
Treasury Select Committee report released on Making Tax Digital

Accounting Standards Treasury Select Committee report released on Making Tax Digital

10m Stephanie Wix, Writer
Spring Budget 2017: Making Tax Digital

Business Regulation Spring Budget 2017: Making Tax Digital

8m Shereen Ali, Deputy Editor
Tax fraud loses HMRC £16bn

Corporate Tax Tax fraud loses HMRC £16bn

9m Emma Smith, Managing Editor
HMRC nets £2.6bn in corporate tax from big businesses

Corporate Tax HMRC nets £2.6bn in corporate tax from big businesses

10m Accountancy Age editorial