Spending Review: HMRC budget rise in tax avoidance clampdown

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...