The Treasury is plotting an £820m tax avoidance crackdown

 
Mark Sands
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Hammond delivered his first Budget in the House of Commons earlier today (Source: Getty)

The Treasury is hoping to raise more than £800m from new anti- tax avoidance measures, including penalties for financial advisers.

New penalties will come into force from July for tax experts like advisers, if they are found to have enabled the use of avoidance schemes later defeated by HM Revenue and Customs in the courts.

The Treasury estimates that these fines alone will raise a total of £115m by 2021-22.

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Chancellor Philip Hammond said the government would also take further action, citing in particular concerns around savers taking unfair advantage of foreign pension schemes and businesses converting capital losses into trading losses to minimise their own tax bills.

Hammond said the measures would collectively deliver £820m in savings for the Treasury.