And still the fallout from the Panama Papers continues. Following the leak of more than 11 million documents revealing the tax affairs of the rich and famous, the five largest economies in the European Union have agreed to share information on secret owners of businesses and trusts.
The UK, Germany, France, Italy and Spain have agreed to the data exchange. It is hoped that the move will make it harder for businesses and wealthy individuals to operate without paying correct taxes.
Meanwhile, members of the Public Accounts Committee have said that HM Revenue and Customs (HMRC) is still not doing enough to tackle tax fraud. The MPs said taxpayers were missing out on £16 billion a year as a result of evasion and criminal activity, adding that HMRC needed to increase the number of investigations, and prosecute more wealthy tax evaders. Only 35 wealthy British tax dodgers are investigated by Revenue & Customs each year, according to the committee. HMRC
Britain’s best politics newsletters
You get two free articles each week when you sign up to The Spectator’s emails.
Already a subscriber? Log in
Comments
Join the debate for just £1 a month
Be part of the conversation with other Spectator readers by getting your first three months for £3.
UNLOCK ACCESS Just £1 a monthAlready a subscriber? Log in