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  1. Wealth
December 6, 2010

FT: Govt closing tax loopholes

By Spear's

A raft of anti-avoidance measures expected to raise more than £2bn over five years is to be unveiled

A raft of anti-avoidance measures expected to raise more than £2bn over five years is to be unveiled, as the Treasury seeks to demonstrate its commitment to tackling tax dodging – an important plank of the Liberal Democrats’ election campaign.

The move to close loopholes in corporate, income and value added tax will be announced today by David Gauke, exchequer secretary, in a written statement to parliament.

“These changes deal with longstanding loopholes which Labour failed to close,” an adviser to Mr Gauke said.

A new rule preventing groups of companies using intra-group loans or derivatives to reduce tax bills will take place with immediate effect. It will also address schemes where companies do not recognise certain amounts in their accounts.

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