The tax crackdown that could net you £700 a year

July 4th, 2009

Governments are being urged to shake up the way tax havens operate before the next G20 meeting later this summer, writes Neasa MacErlean

The Independent

The tradition of the wealthy keeping their cash at arm’s length from tax authorities by finding a secretive offshore home could be set to end if new proposals for openness are agreed by world governments. The move could mean each person in Britain being more than £700 better off each year.

If the UK prevented residents from lodging money in tax havens, it would save each man, woman and child £300 a year, according to figures produced by chartered accountant tax specialist Richard Murphy along with the TUC. If the UK also stopped tax-avoidance and planning schemes, that would save another £415 per head annually. That means, instead of facing tax hikes over the next few years, some people could be taken out of taxation completely.

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