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Government clamps down on tax avoidance

Government clamps down on tax avoidance

Category: Money

Updated: 23/07/2012
First Published: 23/07/2012

MONEYFACTS ARCHIVE
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The Government has warned it will 'name and shame' wealthy people who avoid tax, as part of an initiative to curb tax avoidance to be announced today.

The move follows high profile cases of tax avoidance in the press lately, whereby financial advisers persuaded wealthy people to use legal loopholes to avoid paying large tax bills.

Under the proposals, all financial firms will have to disclose details on clients on their books and those who have taken advantage of tax avoidance schemes. Failure to adhere to these rules could result in penalties of up to £1 million.

Tax avoidance schemes are legal, but have been dubbed 'morally wrong' and 'unfair' by MPs.

Treasury minister, Mr Gauke, said: "These schemes damage our ability to fund public services and provide support to those who need it. They harm businesses by distorting competition. They damage public confidence.

"They undermine the actions of the vast majority of taxpayers, who pay more in tax as a consequence of others enjoying a free ride."

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