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PBR: Tough measures to tackle offshore tax evasion

Chancellor Alistair Darling has announced that he is determined to tackle offshore tax avoidance and evasion which undermine tax receipts.

In the pre-Budget announcement, Darling said this year’s report will set out tough anti-avoidance and smaller tax measures to safeguard existing revenue and deliver additional revenues to the Government.

He said: “It’s fair those that pay tax don’t escape their reponsibilities. I’m determined to tackle activities such as avoidance and evasion which undermine tax receipts.

“Since the Budget Her Majesty Revenue and Customs has asked for details of offshore accounts held in over 300 financial insititutions and this pre Budget Report sets out anti-avoidance and smaller tax measures to deliver additional revenues and protect £5bn a year of existing revenues. These measures are tough but necessary measures to increase tax but I have done it in a fair way.”

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