Measures taken by HMRC to tackle tax avoidance and evasion…

HMRC have outlined their measures to combat aggressive tax avoidance and evasion. Legislation has been used to close tax loopholes and deter those seeking to exploit the situation and the newly passed Finance Act of 2013 defines which tax avoidance schemes are seen as abusive or artificial.

The Government has invested almost £1 billion into Revenue and Customs to assist with tackling tax evasion. According to the figures published, by the end of 2014-15, this investment will have contributed to the gathering of £22 billion in extra tax revenues each year which is a significant amount. If we are to deal with the deficit, curbing tax evasion is important, so that the UK receives the money it is due. This is the money to fund important public services.