The Treasury has announced plans to target the tax affairs of high net worth individuals by extending its remit to taxpayers with £1 million in assets.
With personal tax avoidance and evasion high up on the government's agenda as it seeks to improve public finances, the Treasury announced plans to extend the remit of HMRC's Affluent Unit to target taxpayers with a net worth of £1 million as part of this year's Autumn Statement.
The government is also increasing its specialist resources to tackle offshore evasion and avoidance of inheritance tax, and is increasing HMRC’s resources to tackle offshore evasion and avoidance of inheritance tax using offshore trusts, bank accounts and other entities.
Chancellor George Osborne also said we should expect to raise £5 billion over the next 6 years from undisclosed bank accounts in Switzerland belonging to UK residents.
In addition to a one-off levy relating to past tax evasion, the agreement provides for a withholding tax on future investment income and gains arising in Switzerland.
The Autumn Statement claims this development will represent one of the largest tax evasion settlements in UK history, marking a significant step forward in the battle against those seeking to evade UK tax.
The moves will sit alongside the General Anti-Abuse Rule which was announced in last year's budget.