Fresh drive on tax havens

2010-11-13 10:06

Britain is holding talks aimed at striking deals with three more countries where its residents deposit money in banks in a bid to avoid paying tax, finance minister George Osborne said today.

Officials hope that the deals, combined with previous agreements, could raise up to £10?billion (about R112?billion) by 2015.

Osborne did not identify the three new tax havens with whom Britain was in talks.

Prime Minister David Cameron’s coalition government, which took power in May, is battling to reduce a record deficit and last month announced the deepest public sector cuts in decades, averaging 19% across most departments.

Announcing the talks on tax havens, Osborne said: “We’re all in this together and that includes those who try and evade tax.

“We’re in the process of striking a deal with Switzerland and more deals will follow. In total, this will raise many billions of pounds, which the previous government failed to do.”

The news comes a month after Britain and Switzerland agreed to start talks on making Britons with Swiss bank accounts disclose their details.

Britain also struck a deal with Liechtenstein last year to encourage some 5?000 Britons to reveal details of their bank deposits there.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.