Menu
31/10/2011
Gov To Target Tax Cheats
Tax cheats with overseas property are now being targeted by a 200-strong team of investigators and specialists, according to the tax office.
HM Revenue and Customs (HMRC) said on Monday that a newly-formed team had started work this month, bringing together experts from across the department to identify areas where wealthy individuals are avoiding and evading taxes and duties.
Exchequer Secretary to the Treasury, David Gauke, said: "The Government is committed to tackling tax evasion and avoidance across all areas of the economy. That is why we allocated HMRC £917m to reduce the tax gap over the next four years in the last Spending Review. This new team is part of that investment.
"With HMRC’s increased capability and expertise, and its increasing success in tackling evasion both at home and offshore, the message is clear: there is no hiding place for tax cheats."
The news comes after a worldwide charity revealed that 98% of the FTSE companies were avoiding tax by using international havens.
In a report by Action Aid on October 11, it was revealed that the banking sector makes heaviest use of tax havens, with a total of 1,649 tax haven companies between the ‘big four’ banks. The report said these banks were by far the biggest users of the Cayman Islands, where Barclays alone has 174 companies.
Chris Jordan, ActionAid’s tax justice expert said: “When multinationals use tax havens to avoid paying their fair share, ordinary people in both poor and rich countries are left to pick up the bill. Spending on doctors, nurses and other essential services gets cut for those who need it most."
However, HMRC said today that one of the first groups being targeted was wealthy individuals who own land and property abroad.
"Sophisticated data mining techniques have been applied to publicly available information to identify individuals who own property abroad," HMRC said.
The tax office added that risk assessment tools are also being used to highlight those who do not appear able to legitimately afford property, as well as those who do not appear to be declaring the correct income and gains from their property.
(DW/BMcC)
HM Revenue and Customs (HMRC) said on Monday that a newly-formed team had started work this month, bringing together experts from across the department to identify areas where wealthy individuals are avoiding and evading taxes and duties.
Exchequer Secretary to the Treasury, David Gauke, said: "The Government is committed to tackling tax evasion and avoidance across all areas of the economy. That is why we allocated HMRC £917m to reduce the tax gap over the next four years in the last Spending Review. This new team is part of that investment.
"With HMRC’s increased capability and expertise, and its increasing success in tackling evasion both at home and offshore, the message is clear: there is no hiding place for tax cheats."
The news comes after a worldwide charity revealed that 98% of the FTSE companies were avoiding tax by using international havens.
In a report by Action Aid on October 11, it was revealed that the banking sector makes heaviest use of tax havens, with a total of 1,649 tax haven companies between the ‘big four’ banks. The report said these banks were by far the biggest users of the Cayman Islands, where Barclays alone has 174 companies.
Chris Jordan, ActionAid’s tax justice expert said: “When multinationals use tax havens to avoid paying their fair share, ordinary people in both poor and rich countries are left to pick up the bill. Spending on doctors, nurses and other essential services gets cut for those who need it most."
However, HMRC said today that one of the first groups being targeted was wealthy individuals who own land and property abroad.
"Sophisticated data mining techniques have been applied to publicly available information to identify individuals who own property abroad," HMRC said.
The tax office added that risk assessment tools are also being used to highlight those who do not appear able to legitimately afford property, as well as those who do not appear to be declaring the correct income and gains from their property.
(DW/BMcC)
Related UK National News Stories
Click here for the latest headlines.
24 June 2013
Serious Tax Evasions Hit Its Lowest Level
The number of cases of serious tax evasion identified by HM Revenue & Customs (HMRC) has hit its lowest level in the last five years, according to Pinsent Masons, the international law firm.
Serious Tax Evasions Hit Its Lowest Level
The number of cases of serious tax evasion identified by HM Revenue & Customs (HMRC) has hit its lowest level in the last five years, according to Pinsent Masons, the international law firm.
30 November 2010
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
28 October 2011
FSTE Boss Earnings Up By 49%
Earnings by directors of the UK's top 100 companies increased by 49% last year, flouting the trend for the majority of workers throughout the nation. According to the research by Incomes Data Services (IDS) published on Friday, executives in FTSE 100 companies received an average of £2.
FSTE Boss Earnings Up By 49%
Earnings by directors of the UK's top 100 companies increased by 49% last year, flouting the trend for the majority of workers throughout the nation. According to the research by Incomes Data Services (IDS) published on Friday, executives in FTSE 100 companies received an average of £2.
22 November 2011
Tax Office Launches Offshore Unit
A specialist unit targeting offshore tax cheats has been launched by HM Revenue & Customs (HMRC) on Tuesday.
Tax Office Launches Offshore Unit
A specialist unit targeting offshore tax cheats has been launched by HM Revenue & Customs (HMRC) on Tuesday.
31 March 2005
Lib Dems pledge to scrap 'unfair' council tax
The Liberal Democrats have vowed to scrap the "unfair" council tax, on the 15th anniversary of the poll tax riots. The party said that the council tax should be replaced with a local income tax, based on the ability to pay.
Lib Dems pledge to scrap 'unfair' council tax
The Liberal Democrats have vowed to scrap the "unfair" council tax, on the 15th anniversary of the poll tax riots. The party said that the council tax should be replaced with a local income tax, based on the ability to pay.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
