10Bn Gbp War On Tax Dodge Millionaires

[Boater]

EORGE Osborne has launched a ruthless raid on rich tax dodgers abroad to claw back ฃ10billion.

Deals are being drawn up with three tax havens to expose British residents who have hidden their cash away overseas.

It follows a landmark agreement with Lichtenstein to declare info on people who secretly bank there without paying their dues to Britain.

Another deal with Switzerland - the world's largest tax haven - is also being drawn up, having been announced 10 days ago.

But the Chancellor is keeping the names of the three new tax havens under wraps - so dodgers don't take away their money before his inspectors can get to them.

They include at least one Caribbean nation, The Sun has learned. Treasury officials think the deals could reap TEN times the ฃ1billion figure they originally budgeted for.

Information already handed over by Lichtenstein has led to far bigger returns than they expected. A further ฃ3billion of unpaid tax is expected to be squeezed out of sneaky banking in the tiny European country.

A similar amount will also be reaped from tax evaders in Switzerland, where British investors hold more than ฃ100billion.

The three new tax havens will each provide around ฃ1billion.

All tax returned will be used to pay down the crippling ฃ155billion national deficit.

Unveiling the assault yesterday at the G20 summit of world leaders in South Korea, Mr Osborne said: "It will raise many billions of pounds which the previous Government failed to do. This is tough but fair."

Tax dodgers will get a chance to repay their debts or be prosecuted if they refuse. Other havens include the Isle of Man, Channel Islands, Gibraltar, Cyprus, British Virgin Islands, Bermuda, Belize, Barbados, Andorra, Mauritius and the Seychelles.

The Chancellor has set aside a ฃ900million fighting pool to go after tax evasion at home and abroad. He vowed to prosecute five times as many tax dodgers by 2015.

Read more: http://www.thesun.co.uk/sol/homepage/news/money/3225949/George-Osbornes-10bn-war-on-tax-dodge-millionaires.html#ixzz156UfZWmx

[Boater]

not so much Thai Related, but could Thailand and SE asia be on the list? , as there are probably quite alot of brits who keep there money and savings here......

also if the other countires are involved and Thailand isnt, could this be good for Thailand, as people might look here as an alternate investment spot?

[wordchild]

I would have thought SE Asia is pretty low down the list. The focus is likely to be on those jurisdictions and insitutions where the UK gov and also the EU has some leverage viz Jersey IOM , British Virgin isles etc and for the EU Monaco. keeping your funds in say Singapore with non-Uk or US banks looks to be the best bet.

[Naam]

"Sun" = a newspaper which can't even spell the name of a european country properly

-ruthless raid...

-Deals are being drawn up...

-Another deal with Switzerland - the world's largest tax haven - is also being drawn up...

-the Chancellor is keeping the names of the three new tax havens under wraps - so dodgers don't take away their money before his inspectors can get to them.

-Information already handed over by Lichtenstein has led to far bigger returns than they expected

until now no information was handed over but of course the dumb tax dodgers wait patiently till the Right Honourable Mr Osborne, Esq. will squeeze their balls instead of moving their assets from Liechtenstein and Switzerland to Singapore and Hong Kong within the blink of an eye.

[wordchild]

its also not really an issue for SE Asian based UK expats, the UK govt has no right to tax you anyway , worth making sure though,that whoever you bank with knows you are a non resident EU a/c holder.That should ensure you are left alone.

[mitsubishi]

Osbourne was talking about doing this at the tory conference over a year ago, it seems he's following through on that....