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Budget 2018: Hammond looks to claw back £2bn in avoided tax

HMRC-Tax-Form-700x450.jpgChancellor Philip Hammond has introduced a package of measures to renew the government’s clamp-down on tax avoidance and evasion, which is looking to raise £2bn over the next five years.

Hammond said the government would introduce new rules make Her Majesty’s Revenue and Customs the preferred creditor in business insolvencies, to make sure that tax collected on behalf on HMRC is paid to HMRC.

Advisers warned not to fall foul of HMRC tax avoidance ‘enabler’ rules

Hammond added: “We will end the practice of purchasing services though offshore branches to avoid UK VAT.”

“And we will stop our general research and development tax credit system being abused by re-introducing PAYE restriction for the small and medium-sized enterprises.”

Under the restriction, the amount of payable R&D tax credit that a qualifying loss-making company can receive in any tax year will be limited to three times the company’s total PAYE and national insurance liability for that year, starting April 1, 2020.

Theresa May: We’re coming after tax advisers

Hammond said these measures are a continuation of the work of past eight years “when we’ve secured £185bn since 2010, which would otherwise have gone unpaid.”

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