Government clamps down on tax avoidance - Money - News - Moneyfacts


Government clamps down on tax avoidance

Government clamps down on tax avoidance

Category: Money

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

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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."

Find the best savings rates for you - Compare savings accounts

Get your FREE Moneyfacts Tax Table 2012/13

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Money worries lead to Christmas on credit

Money worries are putting Christmas at risk for up to five million Brits, with 10% saying they regularly worry about money in the lead up to Christmas, and the same proportion feeling stressed about how much they are spending.

Would you spend more for a character property?

We all have our own ideas of what makes a dream home, and for many, character features are at the top of the list. But how much more would you be willing to pay for those kinds of additions – and could they even help you save money in the future?

A quarter of Brits have fallen victim to a scam

Think you know how to spot a scam? It may not be as easy as you’d think, with 25% of Brits admitting that they’ve been the victim of one in the past, and a further 73% are concerned about being scammed in the future.