Government reforms UK tax system to prevent transfer of funds abroad for tax avoidance

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Government reforms UK tax system to prevent transfer of funds abroad for tax avoidance

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A report "The Price of Offshore Revisited", commissioned by the Tax Justice Network, estimates that globally, £13 trillion pounds is held by wealthy individuals and Multi-National Corporations (MNCs) in offshore accounts. It estimates £121 billion pounds is lost in tax revenue across the world each year. This tax avoidance is aided by professionals in law, accountancy and banking.

Therefore, the Government should make this practice illegal for tax avoidance purposes whilst prosecuting individuals, professionals and firms found to avoid paying tax, or assisting in such practices. It should also work more closely with foreign tax havens to close such loopholes and recoup any lost tax revenue. Where information is held on tax avoidance, the Government should name all those involved and the practice used so UK taxpayers know which individuals/firms have chosen to avoid paying tax and the amount of tax revenue lost through such loopholes.

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