Wednesday 25 November 2015 2:49 pm

Autumn Statement 2015: Changes to bring in £5bn a year from tax avoidance


Billy Bambrough is City A.M.'s deputy news editor.

Billy Bambrough is City A.M.'s deputy news editor.

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The government is aiming to bring in £5bn more a year through tackling tax avoidance by 2019-20.

In the Autumn Statement chancellor George Osborne confirmed £800m more would be spent on tackling evasion and non-compliance through to 2020.

The government is also set to build a digital tax system to help fight avoidance and to speed up payment on capital gains tax.

Osborne revealed everyone will have digital tax accounts by the end of this parliament.

The government estimates almost £1bn of additional tax revenues will be collected through the system by reducing record keeping errors.

HMRC is looking to cut costs by consolidating its estate from 170 offices to 13 regional centres.

The government is also set to bring in new requirements on tax compliance for large businesses.

Large businesses will now have to publish their UK tax strategies.

In addition, any large companies that persistently engage in aggressive tax planning will be subject to special measures.

The changes to large businesses are a result of a consultation announced in the Summer Budget earlier this year.

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