HM Revenue & Customs (HMRC) will receive a budget boost of £900m to crackdown on tax avoidance and claw back money owed.
In his Spending Review, Chancellor George Osborne said the investment would help reclaim £7bn in taxes lost through fraud and avoidance owed to the public purse. Revenues & Customs has faced criticism for a string of recent failings, including revelations the HMRC computer system was telling people they were owed five-figure tax refunds. Today George Osborne also announced a much tougher approach to tax avoidance by banks, after it emerged only four out of the 15 biggest banks operating in Britain have signed up to a code of conduct. Individuals are also being targetted over avoida...
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