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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.”

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