UK Plans to Enhance Fight against Tax Avoidance

UK Plans to Enhance Fight against Tax Avoidance

The UK is going to collect additional revenue at the amount of GBP 4 bln (about USD 6.5 bln) from active crackdowns on tax avoidance opportunities this year.

The UK Treasure announced that the government's aim was to get an additional GBP 7 bln a year in revenue from anti-tax avoidance activity by 2015, using more than GBP 900 mln to fund that activity.

The Treasury indicated three main types of tax avoidance and outlined the steps taken by the government to combat each of them. Within the UK the government will focus on the UK's high worth individuals.  Besides, public sector workers are no longer paid in a way that potentially enables them to pay too little tax. The similar rules to be introduced for the companies doing business with the government. The government will release more details regarding the above measures later this year.

As for the use of overseas tax avoidance schemes, the UK Treasury warned that the government would find them and ensure that they pay their "fair share". It is planned to double the size of the UK anti-avoidance team working on Liechtenstein for it can triple the UK’s tax derived from the Liechtenstein Disclosure Facility, which offers a time limited opportunity to those with unpaid tax linked to investments or assets in Liechtenstein to settle their tax liability with the UK.

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