Autumn Budget: Tax evasion crackdown to raise £23bn a year

taxesThe Government has outlined a raft of measured designed to bring in an additional £160bn from tax cheats.

The seven-year plan lists 18 different ways the Government is looking to raise the revenue. These include extending how long HM Revenue and Customs can go back in time to assess non-compliance for offshore tax evaders.

Double taxation relief, where tax relief is generated on losses for both foreign and other offices of a company, will also be restricted from today.

The Government is also looking to crack down on online VAT fraud and will launch a consultation in the Spring to explore how digital platforms can ensure users pay their fair share of tax.

New rules have been raised over the last few years which are attempting to make ‘enablers’ of tax avoidance, including IFAs, liable for penalties.

In his Budget speech today, Hammond said that the Government had cut the tax gap by a quarter since 2010, “doing the job Labour failed to do.”