Watchdog urges UK to clamp down on tax dodgers
LONDON (Bloomberg) — Britains tax and spending watchdog attacked the revenue office for failing to prevent tax avoidance among individuals and said more needs to be done to tackle the aggressive use of loopholes.
The National Audit Office praised Her Majestys Revenue & Customs for raising as much as £200 million ($318 million) from rich tax avoiders in the fiscal year ended March while urging it to claw back money from the 41,000 open cases on its books.
HMRC must push harder to find an effective way to tackle the promoters and users of the most aggressive tax-avoidance schemes, Amyas Morse, head of the NAO, said in a statement in London yesterday.
The revenue department requires accountants to disclose some types of tax avoidance that is legal and used to minimise tax liabilities. Morse said HMRC must do more to limit so-called partnership-loss schemes used by 30,000 people.
UK passport concerns are ‘hogwash’
Commission critics ‘driven by self-interest’
Rising Son brings in new 65ft charter boat
Bermuda-linked billionaires make Forbes list
The good, the bad and the downright cowardly
Toddlers on the ball!
London lockdown after terror attack
Dog owner accused of cruelty
Skyport takes flight
Charitable status set for review April 4
Companies to pay more for Bermuda ‘branch’
A lust for life
Island to reap America’s Cup telecoms legacy
Boats to race for first time
Man admits using stolen bank cards
Cheers! Relief for beer drinkers
Take Our Poll