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.

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