Channel Islands and Isle of Man face raid on off-shore accounts

THE TREASURY hopes to raise more than £4.6bn from unpaid taxes over the next five years thanks to a range of new anti-avoidance measures announced yesterday.

Promoters of aggressive tax avoidance schemes also face being “named and shamed”.

The government will also consult on changes to limited liability partnerships that are used to allocate artificial profits to partners.

Recently signed disclosure deals with Guernsey, Jersey and the Isle of Man will provide up to a £1bn will “significantly increase the amount of information on potentially taxable income” made automatically available to HM Revenue & Customers by authorities in the crown dependencies.

The government is also looking to sign similar deals with other overseas territories.

Further crackdowns are promised on avoidance of employment taxes and corporation tax.