FT: Govt closing tax loopholes - Spear's Magazine

FT: Govt closing tax loopholes

A raft of anti-avoidance measures expected to raise more than £2bn over five years is to be unveiled

A raft of anti-avoidance measures expected to raise more than £2bn over five years is to be unveiled, as the Treasury seeks to demonstrate its commitment to tackling tax dodging – an important plank of the Liberal Democrats’ election campaign.

The move to close loopholes in corporate, income and value added tax will be announced today by David Gauke, exchequer secretary, in a written statement to parliament.

“These changes deal with longstanding loopholes which Labour failed to close,” an adviser to Mr Gauke said.

A new rule preventing groups of companies using intra-group loans or derivatives to reduce tax bills will take place with immediate effect. It will also address schemes where companies do not recognise certain amounts in their accounts.

To read the full story, visit ft.com



 

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