UK to crack down on tax avoidance
With the government facing pressure to lay out how it intends to bring Britain’s record budget deficit into line, tax avoidance accounting products that allow individuals and businesses to avoid paying some taxes have come under scrutiny.
“The Pre-Budget Report will therefore set out a programme of work to strengthen the disclosure regime, making disclosure requirements broader, increasing the penalties for the non-compliant,” Timms said in a speech.
“New powers (will serve) to tilt the game back towards honest, hard working taxpayers.”
The PBR, one of last big government set pieces before an election which is due by mid-2010, is due in the coming months.