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.
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Lord Howard Leigh of Hurley discusses the government’s initiatives to mitigate tax avoidance and evasion
Top 50+50: Demand for tax advisory services remains high, but fee pressure is expected in relation to compliance services
The demand for tax advisory services remains high and this looks to continue; but fee pressure is expected in relation to compliance services as the “Making Tax Digital” initiative is rolled out,
While some resistance to change is to be expected, the degree of controversy surrounding HMRC's Making Tax Digital proposals has surprised the government