Chancellor George Osborne has promised to further attack tax evasion and avoidance in today’s Budget, promising to name and shame evaders.
As part of a raft of measures seeking to raise more than £5bn in tax receipts, Osborne said the Government will seek to “name and shame” serial users of tax schemes deemed to exceed the boundaries of legitimate tax avoidance.
“We’re going to change the law to stop the use of losses which abuse our controlled foreign companies regime, and make sure investment fund managers pay the full capital gains tax rate on their carried interest,” Osborne said.
“We’ll stop corporates artificially increasing the value of stock for tax purposes, and to focus the employment allowance on employment – we’re restricting it so that companies where the director is the sole employee will no longer be able to claim.”
In addition, the Chancellor promised to hand HMRC an additional £750m in investment to boost its ability to tackle avoidance, alongside reforms to strengthen the general anti-abuse rule.
The extra funding will help bring in more than £7.2bn in extra tax, Osborne said.
He said: “In Budget after Budget we have done more to combat this than any government before us.
“These people should have nowhere to hide.”