U.K. Makes ‘Ruthless’ Assault on Tax Evasion by Rich
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The U.K. government is to spend 900 million pounds ($1.4 billion) clamping down on tax evasion and avoidance in a bid to raise an extra 7 billion pounds a year by 2015, Chief Secretary to the Treasury Danny Alexander said.
The plan, announced by Alexander today at the annual conference of his Liberal Democrat party in Liverpool, northwest England, will concentrate on increasing fivefold the number of prosecutions for tax evasion, forming a team of investigators to find money hidden offshore and targeting people who avoid paying the 50 percent tax rate on incomes above 150,000 pounds a year.