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AS 2012: Govt to raise further £2bn per year in tax crackdown

Chancellor George Osborne has confirmed his intention to raise a further £2bn per year in a crackdown on tax avoidance.

George Osborne Podium 480

In his Autumn Statement, announced today, Osborne said HMRC would not see its budget cut, unlike other Government departments, with an extra £77m in resources applied to dealing with tax avoidance.

Osborne also confirmed the Government’s intention to clampdown on multinational companies who do not pay their fair share of tax.

Osborne said for the first time the Government would crackdown on money hidden in Swiss bank accounts which would raise £5bn over the next six years.

Osborne said: “We are closing tax loopholes and we are investigating abusive use of partnerships. HMRC will not be one of the departments to have its budget cut and we will be putting in a further £77m to crack down on tax avoidance

“In total we expect the action announced today to raise a further £2bn per year. There are still too many who illegally evade tax in order not to pay their share.”


Society and mutual lending reaches £3bn

Gross mortgage lending by building societies and other mutual lenders was £3bn in October, up by 29 per cent compared to the £2.3bn completed in October last year. The Building Societies Association says mutuals accounted for 24 per cent of gross lending in October, up from 19 per cent in October 2011. Gross lending to […]

David Chessell

IT solutions keep us compliant too

The recent scaremongering about interest-only being the next misselling scandal emphasises the importance of having all your files compliant, organised and easily to hand. With recent scaremongering about interest-only being the next mis-selling scandal, regardless of how much empty hype it is, emphasises the importance of having all your files compliant, in order and easily […]

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]


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