Magazine article Public Finance

Evasion Curb Is Too Cautious, Says ARC

Magazine article Public Finance

Evasion Curb Is Too Cautious, Says ARC

Article excerpt

The chancellor's plan to curb tax evasion and avoidance was too 'cautious and conservative', professionals have said.

George Osborne said his March 23 Budget did more to clamp down on tax avoidance than any other Budget of recent years.

A total of £14bn was lost through tax avoidance and evasion in 2008, according to Revenue & Customs figures cited by Osborne. A new Treasury paper, Tackling tax avoidance, sets out measures the government will take to recoup some of these losses. These include tightening capital gains rules for companies and ending the practice of disguised remuneration, through which highly paid employees are given tax-free lifetime loans that are never repaid.

The chancellor said the changes would bring in an additional £4bn over the life of the Parliament

Speaking to Public Finance after the Budget, Graham Black, president of the Association of Revenue & Customs, which represents senior R&C staff, said the Budget was a missed opportunity. …

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