UK Chancellor to go after tax dodgers

| 23/03/2011

(WSJ): Chancellor of the Exchequer George Osborne will use Wednesday’s budget to announce a series o anti-tax-dodging measures aimed at raising about £1 billion ($1.6 billion) in extra revenue each year. The crackdown on tax avoidance will address cases of disguised remuneration—where pay is routed through trusts or other vehicles to avoid paying tax, a person familiar with the matter said. The anti-avoidance package will be the biggest introduced since 2004, the person said. Osborne, who is keen to show he isn’t going easy on the wealthy, will also announce a consultation to examine extending air-passenger duty to private jets —which could raise tens of billions of pounds for the government, the person said.

The chancellor willupdate the so-called non-dom tax, which applies to U.K. residents who claim their true home is elsewhere for tax purposes.

Osborne is scheduled to appear before the House of Commons on Wednesday to present proposals for the government’s next annual spending plan. The tax-avoidance package will combine new initiatives and moves outlined in December, when the Treasury closed tax loopholes used by multinational companies.

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