Autumn Statement: Tax Avoidance
An Autumn Statement / Budget speech would not be complete without a reference to a renewed crackdown on tax avoidance and evasion. This year was no exception, with announcements of more money and more tax inspectors being allocated to tackle perceived abuse. The measures planned by HMRC include:
– A radio advertising campaign warning lovers of classical music of the risks if they evade tax;
– Using Land Registry data to identify companies who try to evade property taxes;
– Cross-checking credit reference agency data against HMRC records, and investigating 500 cases where the amounts declared do not tally;
– Using new data to identify individuals who have made profits or capital gains from second homes and have not paid their tax;
– Increasing the number of tax investigators dedicated to pursuing affluent taxpayers;
– The introduction of a new General Anti-Abuse Rule from April 2013, as previously announced. The detail of this rule is due to be published later this month.