Chancellor George Osborne has announced in today's Budget that the government is embarking on a programme to crack down on "aggressive" tax avoidance measures.
Tax avoidance measures could yield the public purse an extra £1bn, the Chancellor said. These include an agreement with tax havens the Isle of Man and the Channel Islands. The Chancellor fired a warning to those who try to avoid paying the tax they owe, saying "this government will not let you get away with aggressive tax avoidance". Today also finalises long-awaited anti-tax avoidance legislation due to take effect in April. Nearly three years after the first draft of a General Anti Abuse Rule (GAAR) was drawn up - and heavily promoted in last year's budget - the clampdown will...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
