budget 2013 major crackdown on tax avoiders

George Osborne today unveiled what he said was “one of the largest ever packages aimed at tackling tax avoidance and evasion presented in a Budget” by a UK chancellor ever.

budget 2013 major crackdown on tax avoiders


He did not provide details on these measures during his commons speech, leaving them to be spelled out in greater detail in the full, 112-page Budget statement, which appeared on the Treasury’s website.

“This government is not going to let you get away with it,” Osborne said, in his address to Parliament, as he outlined his 2013 Budget,  which had been billed in advance as a ‘Budget for hard times’.

Later, he added: “We will name and shame the promoters of tax avoidance schemes.” The message was aimed at advisers helping high net worth clients to mitigate their tax liabilities in the UK.

Osborne said the new crackdown on tax avoidance and tax evasion would bring in as much as £3bn in additional revenue to the Treasury, of which “over £1bn” was expected to come as a result of recently-signed agreements with the Isle of Man, Guernsey, and Jersey.

The announcement of the agreement with Jersey was announced just hours before, by Jersey’s chief minister.

The other £2bn he said would come from “new rules to stop the abuse of partnership rules, corporate tax losses and offshore employment intermediaries”.

Further details on what is being called the Government’s new "Offshore Evasion Strategy", which had been flagged up in advance of the Autumn Statement, is further spelled out in a 22-page document, now available on HM Revenue & Customs’ website. Entitled "No Safe Havens: Our Offshore Evasion Strategy 2013 and beyond" it may be read and downloaded from the HMRC website by clicking here.





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