HMRC cracks down on tax havens and tax evasion
Just like the US, the UK is on the hunt for delinquent filers and tax evaders! In the Chancellor’s Autumn statement, made earlier today, George Osbourne focussed strongly on this, stating that while the vast majority of people pay their taxes, there are still too many who evade taxes and this must be stopped. He announced an increase in the number of tax inspectors to over 2,500, going after evaders and avoiders.
In addition, he announced that under a recently signed agreement with Switzerland, Britain expects to receive £5 billion over the next six years from the undisclosed Swiss bank accounts of UK residents.
His statement also outlines personal and business tax measures including an increase in personal allowances, lower thresholds for personal tax brackets, a fall in the corporation tax rate and capital gains adjustments – all due to take effect in 2013-2015.