View more on these topics

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

Tax thumbnailThe 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.”

Recommended

Property-Building-Growth-House-Housing-700x450.jpg
9

Fidelity to relocate 650 staff as office closes

Fidelity International is to downsize its presence in the UK further as it plans to close its Kent office and relocate 650 staff by 2020. The asset manager, which currently operates in London, Surrey and Kent, says by 2020 it will move “the majority” of the 650 employees from Tonbridge, Kent to its Kingswood office […]

Pensions Institute hits out at lack of new products since freedoms

The Pensions Institute has criticised the “dearth” of new products combining flexibility with a guaranteed income since the launch of the pension freedoms. A “potential crisis of provision and consumer protection within the retirement income market” is looming, the think-tank warns, exacerbated by a lack of consumers seeking advice on complex decisions. A number of […]

UK-Currency-Money-Pounds-Notes-700x450.jpg
1

Asset manager to hike fund fees on Mifid II costs

Boutique firm Crux Asset Management will increase the cost of some of its funds as it plans to continue to charge clients for research after Mifid II, Money Marketing can reveal. Despite many peers having decided to absorb the costs, at the start of November the firm, created by ex-Henderson Global Investors star fund manager […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment